Why Should You Avoid Probate Court?
There are a few reasons to avoid probate court:
First, the court process can take a longer time to ge through, and also involves fees that could amount to thousands of dollars.
If you opt for a trust, you can avoid probate costs and the lengthy timeline. Estate taxes, which can be as high as 30 to 50% of your property's value, are also imposed upon assets transferred in probate.
In contrast, with the right estate planning tools, these taxes are only applied to assets exceeding a certain threshold.
Privacy is another major concern with probate court. Your personal and financial information becomes part of public records, offering little to no privacy for your loved ones.