You frequently hear about the length and cost of probate, and some aspects of estate planning are intended at preventing probate. You typically hear about the length and expense of probate, and some elements of estate planning are intended at avoiding probate.
But why does probate take months, even years, to complete?
There are numerous steps that are taken during the probate process, and they include various jobs that are managed by the estate’s Administrator, likewise referred to as the Personal Agent. These jobs can be time consuming and detail-oriented, they include:
Obtaining a federal tax recognition number for the estate;
At any point along the method, the estate can strike a snag. If there is not enough cash on hand to pay financial institutions, property might require to be offered to please creditor’s claims.
Obviously, this is a detail-oriented, prolonged procedure, which occurs during the grieving procedure. Lots of families select to employ a probate attorney to help them in this process. Having a comprehensive estate plan in place can not only avoid certain kinds of property going into probate, but it can help make the process less burdensome on your enjoyed ones.