How Does The Lack Of Privacy In Probate Hurt Your Loved Ones?
Many people draft an estate plan with the intent of avoiding probate. Avoiding probate has many benefits, as the process can be costly and lengthy. Probate opens an estate up to objections, contests, and claims, all of which can deplete the property within an estate and delay the process.
One of the biggest benefits of avoiding probate, though, is that it can also help personal matters remain confidential. Probate is a public process and so, anything that happens in court becomes a matter of public record. Below, our Daytona Beach estate administration lawyer outlines how the lack of privacy during probate can impact your heirs.
Avoid Probate Leads
While it may seem unscrupulous, there are businesses that research probate leads and create lists of them for other companies to purchase. Essentially, these are lists of individuals who are about to receive a significant inheritance. Companies curate these lists by researching the cases that are currently going through the probate courts in certain states and counties. Using these lists, businesses that market to beneficiaries in order to sell them different goods and services. Unsolicited marketing is always annoying but it can also come at a time when families are very emotional and vulnerable.
Avoid Real Estate Brokers and Agents
Real estate brokers and agents also use probate leads to make a sale. Your loved ones will be particularly vulnerable to these companies if they have inherited your property after you pass away. If your beneficiaries do not live in the same area as the property, they may not fully understand the market conditions. Ultimately, your home may be sold for less than it is worth.
Avoid Cash Advance Offers
In Florida, it is not uncommon for the probate process to take at least one year. If an estate is very large or complications such as disputes arise during the process, it can take even longer. Due to this, your heirs may not receive their inheritance for months, or even years.
Companies that offer cash advances know that probate can take a long time and that in the meanwhile, beneficiaries are waiting for their inheritance. They will contact the beneficiaries and offer them a cash advance that can be repaid after the inheritance is received. Once that happens, the company will add a number of penalties and fees that ends up taking most, if not all of the inheritance.
Avoid Objections
When an estate must go through probate, it opens it up to a number of claims, objections, and contests. Avoiding probate using a trust or another estate planning tool can keep things confidential, so no one is notified about certain assets and cannot make claims against them or raise disputes. This can allow your beneficiaries to receive their inheritance faster while also protecting the property for them.
Our Estate Administration Lawyer in Daytona Beach Can Help You Avoid Probate
At Bundza & Rodriguez, our Daytona Beach estate administration lawyer can help you avoid the probate process to protect your loved ones in the future. Call us now at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
