Is The Florida Probate Process Expensive?
Estate planning is a critical action that everyone should do and age is not a limiting factor to this. Meaning many people believe that estate planning is only for the elderly or other mature adults, who have amassed some amount of wealth over their lifetime. But, this is not always the case. At any point, life can take unexpected turns where even the young can lose their lives. Without an estate plan in place, a person’s money and property are left up in the air for the courts to decide who should be awarded them regardless of the deceased’s input or wishes.
Probate is typically a process that many people prefer to avoid if they can. And, establishing an effective estate plan is one way to make this happen. It does not matter how old you are or if you have little wealth or a robust and substantial estate, you can start the estate planning process to make sure that what you do have is handled according to your desire.
The Villages probate attorneys at Millhorn Elder Law Planning Group can help individuals put together a comprehensive estate plan or make smart adjustments to one that already exists.
How Costly Can Florida Probate Be?
How each state manages the probate process differs. This is why it is essential to work with an attorney if you have to go through probate in your state. When a person dies, what is left behind must be distributed to those individuals who are eligible to receive it. This includes not just certain applicable heirs but also creditors. Additionally, wealth may be used to pay taxes.
Probate is likely necessary when a deceased individual has no will or other estate planning documents. But, even in these cases where estate planning documents may exist, if they are invalid they will not do much to respect the wishes of the deceased. In cases where the documents were not executed properly, if the deceased was mentally incompetent when the documents were drafted, or if the deceased was in a situation where they were put under duress during the writing of such documents, these situations can render a will to be considered null and void.
There are several realities of the probate process to understand. First, if confidentiality is preferred, this will not happen during probate because probate is open to the public. Also, the probate process is well known to be quite frustrating for those involved and time-consuming. It can take many months to a year or more to get through one’s estate. On top of all of this, when it comes to the cost of probate, even here it is troublesome. Probate has the potential to be very expensive. As much as 6% of one’s estate may be lost to the costs of the probate process.
Speak to The Villages, Florida Estate Planning Attorney Today
Whether you need help with Florida probate or you want to see what options you have available to keep your heirs from having to deal with probate after you die, please call 800-743-9732 to speak with The Villages estate planning lawyers at Millhorn Elder Law Planning Group during a free consultation.