Many clients come to me to avoid Probate, so we thought you would benefit from a post about it.
To recap our last post, Probate is the administrative process of transferring a decedent’s assets out of his name and into the name of the beneficiaries. In Maryland, probate of a regular estate will take at least 6 months because creditors have 6 months to come forward and claim their debts from the decedent’s estate. Small estates ($50,000 or less) can be completed more quickly.
The probate process is not arduous, but it is lengthy. If it is important for the beneficiaries to have more immediate access to the decedent’s assets, then an alternative to probate should be considered.
The probate process is a matter of public record. If privacy is important, then an alternative to probate should be considered.
Probate is administratively challenging. If your family/heirs struggle with paperwork, an alternative to probate should be considered.
It is fairly easy to challenge a probate proceeding. If your family has someone who likes to “stir the pot” then an alternative to probate should be considered.
Our next post will describe techniques to avoid probate.