Any sort of discussion revolving around one’s will can quickly become challenging. For those with family members without wills, that discussion can be all the more difficult. Californians who have found themselves in the middle of these plans may have endless questions. The below information highlights the importance of having a will in the first place, as well as the pros and cons of probate altogether.
ThinkAdvisor recognizes the stigma that surrounds probate, and delves into those advantages and disadvantages. Despite its negative connotations, ThinkAdvisor reminds readers that this process is simply a way of determining one’s will. After all, these processes must nevertheless follow the terms of the will itself. Although probate can take years in some cases, it does not always have to be as time-consuming; in many cases, probate can take no longer than six months. Those with smaller estates may find probate to be a relatively simple process, as individuals without major assets generally need less complicated plans. One more clear advantage to probate, according to ThinkAdvisor, involves creditors. The process may depend on the unique situation, but probate usually places limits on the timeframe creditors are allowed to make claims.
Forbes appears to have differing views on avoiding probate, a process that one article calls an estate planning mistake. Again, although it may depend on a person’s assets, probate can become one drawn-out, expensive procedure. Those grappling with estate plans may want to consider specific state laws regarding probate. Forbes also sheds light on another potential hiccup in the process: privacy. Because probate is public, some consumers want to avoid this procedure in any way possible. As with most forms of financial and legal planning, families may want to spend a considerable amount of time discussing the best options to move forward.