Probate is a term that often brings to mind images of lengthy court battles and disputing family members. It is true that probate can significantly impact families– emotionally, financially and relationally, but learning about this ahead of time can help you make decisions that can potentially avoid these problems.
What is probate?
The probate process happens when a deceased person’s estate is administered by the court. It involves several steps that can take significant time and money, such as:
- Proving the validity of the deceased person’s will, if they have one.
- Conducting an inventory of the deceased person’s assets and liabilities.
- Paying the deceased person’s debts and taxes.
- Distributing the remaining assets to the rightful heirs.
While it may sound simple, it is far from it. Conflict can arise in every one of those steps and it often does. Consider that while families are going through probate they are also grieving the loss of their loved one, and they may not feel or think like themselves.
Emotional, financial and relational impact
Losing a loved one is a profoundly emotional experience. The probate process can extend this period of grief, as families are constantly reminded of their loss and are forced to face complex legal matters associated with their loved one’s death.
Financially, probate can be an expensive process. Between court fees, attorney fees and other administrative costs, it can easily add up and begin to eat into whatever is left for the heirs.
The stress of probate can lead to misunderstandings and communication breakdowns, which can harm family relationships. Especially in families where its members are close, it is imperative to prioritize those relationship and hopefully avoid the trauma that can be caused by a probate battle.
The process of going through probate court is a challenging and expensive journey, which can take a significant period of time from beginning to end. By taking proactive steps, families can consider alternatives, such as setting up a trust or other ways of passing assets on that do not include probate.