How Does The Lack Of Privacy During Probate Hurt Your Beneficiaries?
Of all the reasons people create estate plans, one of the biggest is to help their loved ones avoid the probate process. The probate process is not inherently bad, but it does have some drawbacks. It is time-consuming, costly, and it also becomes a matter of public record. The lack of confidentiality during probate can hurt your beneficiaries in a number of ways. Below, our Daytona Beach estate planning lawyer explains what these are.
Unsolicited Marketing
There are a number of companies that research, create, and purchase probate leads. Probate leads are essentially a list of people who are going to receive a large inheritance in the near future. Companies create these lists by researching cases that are going through the probate process in any given county or state. The companies that create or purchase these lists then market to beneficiaries trying to sell them house cleaning services, movers, estate liquidators, vehicles, and more. This unsolicited marketing is not only an annoyance, but it also happens during a very emotional time, which makes it even more challenging.
Real Estate Brokers
Probate leads are particularly enticing for real estate brokers. It is not illegal, or even technically dishonest, for brokerages to contact your personal representative or beneficiaries in an attempt to purchase your property after you pass away. Unfortunately, your beneficiaries are particularly vulnerable. If they do not live close to you, they may not know the market conditions in your neighborhood. Real estate brokers may also pressure your loved ones to sell your real estate during their time of grief, which can make it difficult to make important decisions. These factors may result in your property being sold for less than what it is worth.
Cash Advance Offers
Probate can take anywhere between six months and one year, and your beneficiaries will not get their inheritance until the estate is closed. Companies offering cash advances know this, and understand that beneficiaries are often relying on the inheritance they have yet to receive. Cash advance companies take advantage of this by offering your heirs an advance that gives them access to the money now. Once the estate is closed, the company then takes the entire inheritance, sometimes even adding an additional fee.
Disgruntled Relatives
There are opportunities for family members to challenge a will or other elements of a person’s estate. Probate provides them with certain information that can make it easier for them to move forward with their case. Your family members will be able to defend against these challenges, but that can also cause additional delays. It can also cost the estate more, meaning there will be less money for your beneficiaries.
Our Estate Planning Lawyer in Daytona Beach Can Help Your Family Avoid Probate
At Bundza & Rodriguez, our Daytona Beach estate planning lawyer understands the drawbacks of probate and can help your loved ones avoid the process so they are protected. Call us today at 386-252-5170 or chat with us online to schedule a free consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
