Have you or a loved one ever gone through a probate? Here are five reasons why you would want to avoid Probate.
- Lose your privacy. Probate proceedings are available to the public and will be published in a local newspaper. Anyone can gain access to your personal information through the courthouse.
- Time Consuming. Probate proceedings have the potential to be very long in duration. On average, a probate can last from 9 months to 2 years.
- Assets are Frozen. During the Probate process your assets are frozen until the process is over. If the market is good to sell real property, the probate process has to be over before the property can be sold.
- Probate can be costly. Besides your estate paying taxes and creditors, there are many fees associated with probate. These fees include attorney fees, personal representative fees, appraisal fees, and court fees. Probate fees vary from state to state, but on average it can range from 3-6% of the value of your estate.
- Probate could happen more than once. If you have property in more than one state, your estate will have to go through probate in each state. This means you will have probate fees in each state as well.
Contributed by Morris Hall, PLLC Tucson and Oro Valley Estate Planning Attorney and Partner, Wendy W. Harn.
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You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.