Saturday, January 25, 2014
You should probably consider a living trust in order to avoid probate. Why would you want to avoid the probate court? Here are four reasons:
- Time. It can take up to nine months or even several years to probate an estate.
- Costs. The national average cost of probate is around 10% of the value of the estate, most of that going to the probate attorney.
- Control. A successful will contest could mean the court will not follow the instructions in your will.
- Publicity. Probate court records are open to the public, including accounting and financial information.
See Victor Santos Sy, CPA, MBA, Living Trusts: The Problem with Probate, Asian Journal, Dec. 28, 2013.