Wealth Preservation_Flipbook_2024

Probate refers to the court proceedings that conclude all the legal and financial matters of the deceased. The probate court acts as a neutral forum in which to settle any disputes that may arise over the estate. This isn’t always as simple as it sounds. The probate process can be expensive and time-consuming, and it is completely public. Many people would prefer to avoid it, if possible. What Is Probate? • Probate can be expensive. Costs vary depending on the state in which probate is carried out, and attorney fees could add to the cost. • Probate often takes a few months to a year or more. And the more complex your estate (will, assets, and debts), the longer it could take. Your beneficiaries may have to wait until probate is concluded to receive the bulk of their inheritance. • In most states, the proceedings of the probate courts are a matter of public record. Unless you take specific steps to safeguard your privacy, almost anyone can go to the county courthouse after your death and find out the value of your estate, as well as how much you owed and to whom. Source: LegalZoom.com