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Gartenberg Law Firm - What Is Probate?
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Probate
is the legal process through which the court sees that, when
you die, your debts are paid and your assets are distributed
according to your will. If you do not have a will, your assets
are distributed according to state law.
Disadvantages
of Probate
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It
can be expensive. Probate costs vary from state to state,
but are usually estimated at 3-8% of an estate's value.
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It
takes time. Probate can take from a minimum of 9 months
to 2 years. Your assets would be frozen and can not be
distributed to your loved ones.
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Your
family has no privacy. Probate is a matter of public record.
Any interested party can see what you owned and who you
owed.
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You
family has no control. The probate process determines
how much it costs to probate your estate, how long it
will take for your assets to be distributed, and what
information is made public.
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