Reasons to Avoid Probate
What are three reasons a person might want to avoid the probate process? The first is, well, it's expensive.
Like I talked about in other videos, a very simple probate can cost anywhere between $3,200, all the way up to $7,500 if everybody is getting along. People start fighting and you probably are guaranteed to either double or triple the cost of that probate.
Probate Takes Forever
The second reason to avoid probate is, well, it takes a long time. It can take four to six months in Oklahoma, and for my understanding, it can take up to a year in other jurisdictions again, if everything goes smoothly.
Probate is Public Process
The third reason to avoid probate is it's a public process. Anybody with access to the internet can get online and find out exactly what your assets were, what your debts were, who your beneficiaries are, usually the addresses of your beneficiaries. It's not a private process.
A probate is a civil lawsuit, and that means that everything in it is public. Anybody who wants to can get the information by like going down to the courthouse or just simply getting on their computer and downloading the pleadings and the inventories and the accounts that are in the probate.
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more.
Find us on Facebook
Find us on Birdeye
Find us on Instagram
Directions on Google Maps
Videos on YouTube
Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118405-213-0856