3 Ways Probate Can Harm Your Heirs
Sometimes, probate is necessary. But, even so, probate can, and often does, harm heirs. By being aware of the ways in which probate often does so, it’s easier to make estate planning decisions that are appropriate for your situation.
What Is Probate?
Right after an individual, who possesses a will and no trust, passes away, all of the assets that comprise their estate will be analyzed and then transferred to those who are legally entitled to them.
The process of an individual’s assets being analyzed and transferred is called “probate.” None of the information regarding the assets within an estate is private, as the information within probate courts is considered public.
Since the probate process is public, those who are set to receive certain assets may, if the estate goes through probate, be forced to deal with certain inconveniences.
By being aware of these inconveniences, it’s easier to determine whether or not working with an estate planning attorney is the best choice for you and your heirs.
What Are 3 Ways Probate Can Harm Your Heirs?
The probate process is public and, as such, information that is found within the probate process can be used to harm and/or inconvenience your heirs.
A Barrage Of Unsolicited Advertisements
Right away, the most common way in which probate can, and often will, harm one’s heirs is through a barrage of unsolicited advertisements.
You can go online and search for the term “probate leads.” By doing so, you will find a variety of businesses that specialize in obtaining, and then selling, information that is taken from the probate court.
A business can purchase this information and then use it to find products and services tailored to those who are involved in a probate case. By doing so, those involved in the case – your heirs, specifically – will be bombarded with unsolicited advertisements that pertain to the case.
The Potential For Identity Theft
Even though it doesn’t happen as much as one might expect, identity theft is a very real possibility. This is especially true if a deceased individual’s estate is going through probate, as unscrupulous individuals can steal that individual’s identity and use it to make purchases.
Right after banks and credit agencies learn that an individual has passed away, they may be able to reverse the charges. But, this can be a long, drawn-out process that, no matter what, serves as a major inconvenience.
A Lack Of Money
Some heirs are relying on the money that they are to be given. But, this can be problematic if an estate goes through probate, as the Florida probate process often lasts anywhere from six-months-to-one-year.
The heirs that are relying on the money from a will may not have what they need. For this reason, they may suffer financially, for a long period of time, until they are able to obtain their share of the estate.
Speak With A Florida Estate Planning Attorney Today
Probate, and the many inconveniences that can come with it, can be avoided with a proper estate plan. Speak with a Florida estate planning attorney at the Millhorn Elder Law Planning Group today and we can assist you in developing an effective estate and ensuring that your heirs will avoid the probate process.