Why Probate?
Why Probate? What is Probate?
Give me 2 minutes and I’ll let you know why your stuff goes through probate, what probate is, and why you want to avoid probate.
Click below to get access to a video that explains this and much more about getting your affairs in order, avoiding probate, and what you need during your lifetime.
For those of you that don’t know me… My name is Gary DeWitt. I’m the founder and owner of DeWitt Law Firm. We’ve helped 1000’s of individuals and families create effective estate plans. Plans that prevent Probate and tragic lifetime legal problems. Tragic problems that could cost you everything you have, even if it isn’t your fault!
Give me 2 minutes and I’ll let you know why your stuff goes through probate, what probate is, and why you want to avoid probate.
Two of the most common questions I get is what is probate and why does my property go through probate. I’m going to answer both questions.
Probate is the public, court process of distributing what you had to your heirs or the people you want it to go to. If you don’t leave a plan, then state law determines who gets what, when, how, and how much. If you leave a plan, then only those people listed in your plan get your stuff. If you have an effective plan, then your family gets to skip probate.
Why probate?
During your lifetime you can give away your stuff. You can give what you have to whoever you want. It just takes your signature or physically giving it somebody else.
When you aren’t able to sign or understan what you are signing, for any reason, including dementia and incapacity, then the Judge must sign for you during probate.
If you leave a Will, then the Judge will follow your wishes as to the distribution of your stuff.
It takes more than a Will alone to avoid probate. A Will alone requires probate and does nothing for you during your lifetime.
Here are some reasons you want to avoid probate for you and your family:
- It is public. Your and your family’s addresses, at a minimum, are published in the public record. The basic value of your estate is published in the public record. This can lead to “financial predators,” con men, preying on your family. They may come in the form of financial investments.
- It is exorbitantly expensive. It will cost at a minimum 3% of your gross estate. That is the total value of the estate without subtracting debts.
- It takes a long time. In Arkansas, you can plan on a minimum of 8 months until money is available to your family.