Reasons to Avoid Probate
Here are top reasons to avoid probate.
No Immediate Access to Cash
It can actually take weeks or even months to gain access to the deceased persons cash. During that time you will be stuck paying the bill for everything including the funeral, utilities, property insurance, taxes and more. By avoiding probate you will have immediate access to the cash in order to pay for all these items.
A Probate Judge can get in the way
Court approval is often needed for many things during probate including continuing or selling the deceased persons business, repairing or selling real estate or abandoning worthless assets. By avoiding probate you will also avoid the interference of a probate judge in family and financial matters.
Increasing Probate Fees
One way to raise revenue for courts that are hurting in the financial crisis is to increase court filing fees. This then meant that probate fees also increased including opening a formal probate estate and for regular estate range. You can avoid probate court fees by avoiding probate.
Probate Records are Public Records
Probate is a state court preceding which then makes all the information about the deceased person’s assets, liabilities, beneficiaries and personal representatives a public record. Anyone can then go to the court house and ask to see an entire probate file for any estate. You are able to keep family matters and financial information private by avoiding probate.