Inheritance on hold? Most Americans don't understand the time and expense of probate

A report titled The State of Probate in America reveals that many Americans are poorly informed about probate. A survey of 1,000 adults showed that over half don't know probate costs, less than half understand inheritance is not automatic, and only 2% know how long it takes to settle an estate, which averages 20 months.

Probate costs range from 3% to 7% of an estate's value. With a significant generational wealth transfer expected as baby boomers age, there is concern that millennials, many of whom are unprepared, will face confusion. Only 58% of millennials have discussed estate planning with older relatives, and 62% lack a will or trust.

Probate varies by state and even within states, complicating the process. Experts recommend creating an estate plan, consulting an attorney if possible, discussing wills with family, and naming beneficiaries to streamline the process. Preparing an estate-planning file with important documents and information can also ease the burden on loved ones.

For more information see Daniel de Visé "Inheritance on hold? Most Americans don't understand the time and expense of probate," USA Today, July 30, 2024. 

Special thanks to Naomi Cahn (University of Virginia School of Law) for bringing this article to my attention.