Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Saturday, January 25, 2014

Probate Problems

Frustration

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:

  1. Time.  It can take up to nine months or even several years to probate an estate.
  2. Costs.  The national average cost of probate is around 10% of the value of the estate, most of that going to the probate attorney.
  3. Control.  A successful will contest could mean the court will not follow the instructions in your will.
  4. 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.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/01/probate-problems.html

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