It is the legal and court process through which creditors are paid and property is distributed once a person dies. Probate is also a public process which normally takes between one and two years to complete. If you choose not to create one, it will be your hard-earned money that will pay for probate. Jackie Onassis's will hit the newspapers immediately after the probate process started. Unwanted heirs, con artists, business competitors, real estate hunters, etc. can easily find any information they need by simply reading all about your estate at the local public courthouse.
Probate is a very long process.
During the one to two year probate process, it is extremely difficult for your children, family, and friends to whom you leave your estate to access the inheritance. All of your assets are tied up by the courts. A proper estate plan will ensure that a lengthy court process will be avoided and your loved ones will be protected. As a result of the these governmentally mandated fees, negotiating fees with probate attorneys after your estate is in probate is useless. Not only are these fees fixed, they are paid out of your estate first.