Maybe Probate Is Worse Than You Think It Is

Estate planning lawyers spend a lot of time assuring clients that getting started on one’s estate plan is easier than they think it is.  When these lawyers are successful, their clients end up with a well-designed estate plan.  Therefore, probate is painless for the family members that the clients have named as personal representative of their estates.  Sometimes the clients even designate their lawyers as personal representative, in which case the surviving family members can simply sit back and wait for their inheritance to arrive.  Even they will be waiting longer than they think they will.  As for you, if a family member has named you as personal representative of the estate in his or her will, you must face the task of getting the estate through probate.  If your family member did not leave a will, you are in for an even bigger job.  An Orlando probate lawyer can help you navigate probate, and when you are finished, you can write your own will based on what you have learned from the experience.

Your Inheritance Does Not Magically Appear in Your Bank Account When a Family Member Dies

Only 30 percent of American adults have a will, which means that the rest have never thought about probate.  Even including the people who have written a will, the public greatly underestimates that time and money that probate requires.  When asked to guess how much probate costs for the average estate, most people come up with a number that is too low by one or more decimal places.  In fact, probate costs so much that most estates are worth between three and seven percent less by the time they settle than when the probate court opened them.

If you are living paycheck to paycheck, then waiting for money that is due to arrive is painful, especially when the late fees add up for every day or month that your money is delayed.  Unfortunately, most people don’t realize how long probate takes.  On average, it takes 20 months, which means that a baby born on the day the estate opened will have said his or her first words by the time the heirs receive their inheritance.

Lots of Things Are Worse Than Probate

This does not mean that you should be intimidated if you are the personal representative of a family member’s estate.  It does mean, though, that you are within your rights to tell the beneficiaries of the will to get off your case and be patient.  Unless the decedent was meticulous about lining up non-probate assets, then no probate means no inheritance.  If creditors, beneficiaries of the will, or anyone else is giving you trouble, you have the right to hire a probate lawyer to help you resolve these disagreements.

Contact Gierach and Gierach About Facing Probate

An estate planning lawyer can help you navigate the probate process even if you feel unprepared for it.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

usatoday.com/story/money/2024/07/30/inheritance-probate-process-explained/74592143007/