Three reasons why it’s best to avoid the probate process
After someone passes away, there are often many tasks to accomplish involving this person’s estate. South Carolina has probate courts to verify residents’ wills and manage any of their remaining liabilities. There’s nothing inherently wrong with the probate process, but going through probate does have a few major drawbacks.
One of the main goals of estate planning is to leave behind as much as possible for your loved ones. However, the money that you want to go to your beneficiaries could end up paying for probate expenses. People involved in a probate court case typically need to pay for court costs, legal representation and fees for any valuations.
A time-consuming process
Nobody wants to spend days or weeks in a courtroom, meeting with lawyers and reviewing documents. Unfortunately, it’s common for the probate process to take months or years. One factor determining how long it takes for probate to conclude is the estate’s size. Other things that can further lengthen the probate process are if any creditors try to claim the decedent’s assets or family members contest the estate.
Lastly, an understandable concern for anyone is their privacy. Unfortunately, certain aspects of probate court are public record in South Carolina. This information can include lists of assets and guardianship information. If you don’t want prying eyes knowing about your personal and financial information, it’s best to avoid going through the probate process.
Most people want to complete their estate plans relatively quickly. You can help prevent your estate from going through probate by creating a trust. Many people use revocable living trusts to control their assets while living.