There are certainly downsides to the probate process, specifically the time and the money that it takes to go through. Here in Florida, typically the process is going to take six to twelve months for formal administration, sometimes longer, and it’s going to cost three to five percent of the value of the estate, up to a million dollars. Beyond that, those percentages might decrease a little bit. The best advice, though, is that, whatever plan you’re considering, you formulate that with a competent attorney.
There are actually some advantages to going through probate. For example, probate allows the ability to close out creditors to the probate estate within a 90-day window. For comparison sake, if somebody passes way and all of their assets are owned in trust, there is a two-year window for creditors to put in a claim. There are real advantages to actually having a little something go through that probate process. Bottom line, though, is you should consult with an attorney and come up with a specifically tailored plan to your situation.
Does Your Estate Plan Need An Annual Checkup?
No Will? There’s A Way: Florida Intestate Proceedings
Probate & Trust Administration
What Is Probate?
Advantages And Disadvantages Of Probate
Is Probate An Expensive Process?
Understanding Probate: An Overview Of The Florida Probate System
Estate Planning Basics: Why Avoiding Probate Is Preferable
How Can I Avoid A Long, Complex Probate Process?
Are There Any Assets That Are Not Required To Pass Through Probate?
Executing An Estate: 8 Key Duties Of The Executor
A Brief Overview Of Portability
Hollow Testaments: Understanding Florida Holographic Wills
Rule 41f And The Continuing Importance Of Gun Trusts