5 Reasons to Avoid Probate | Fayetteville Probate Attorney
5 reasons to avoid probate:
- Probate is Stressful and Emotional
- Probate is Slow
- Probate is Expensive
- Probate Records are Public
- Probate is Under a Judge’s Control, not Yours
What is Probate?
Probate is the legal (think court and judges) process of transferring what you owned to your heirs and devisees (people named in a Will).
If you leave a Will, then the instructions in the Will shall be followed. You control who gets what, when, how, and how much.
If you don’t leave a Will, then State law and the Judge will control the distribution, timeline, and more.
Reasons to Avoid Probate
Probate is Stressful and Emotional
Nothing is worse than adding unnecessary stress to your family during already difficult times. Probate is an unknown to most people and adds much unnecessary stress and strain. Your family doesn’t need that extra burden. (A good probate attorney will shoulder much of that burden.)
Probate is Slow
One reason to avoid probate is that it is slow and time consuming. While in theory a probate can be done in about 8 months, it usually takes 10 to 12 months. In Arkansas there is a 6 month creditor notice period built in. This means that probate will take a minimum of 6 months + 1 month to get started + 1 month to wrap up at a minimum.
If anybody involved drags their feet on signatures, then it can take longer, much longer. I have one probate that’s going on 2 years because I can’t get the last daughter to sign a receipt.
Probate can be Very Expensive
In Arkansas, probate fees are set by statute. The typical probate will be 3% of the GROSS value of the estate. That is, the value without subtracting out debts. However, if everybody involved agrees, the fee can be set by agreement. You also have advertising costs, the filing fee, and certified mail to pay for.
If trips to court are required to settle squabbles and fights, the attorney will probably charge an extra fee based on the attorney’s hourly rate. For example, if a 4 hour round trip to court is required, the attorney will probably charge an extra $1,200 just for travel time. If an overnight stay is required, then it is included in the fees and expenses.
Probate is Public, Another Reason to Avoid Probate
Since this is a Court process, all records are public and anybody can look at them online. The debts and assets of the estate are in that record. And all the distributions are part of the that public record too. This means that “financial predators” can look at those records and prey on your family. These predators can be scammers, burglars, or just a lot of credit card companies.
Probate is Under a Judge’s Control, not Yours – Final Reason to Avoid Probate
A Will minimizes the Judge’s control. You decided who gets what, when, and how much. The Judge enforces those decisions.
If you don’t have a Will, then the entire probate is controlled by State law and the Judge. You gave up your control of who gets what, when, how, and how much. Now your family splits things as determined by law, not your wishes.
