MYTH: The Probate Process Lasts for YEARS
Truth: The vast majority of estates actually pass through probate court quite quickly. There are some factors that could lead to an elongated process. Those include continued income generated by the estate (Like that of a celebrity), family fighting, or if the estate is massive in size.
MYTH: Avoiding Probate Saves Money on Taxes
Truth: Sorry, but no. Estate taxes are determined under the tax law, which exists separately from probate rules.
MYTH: Probate Will Eat Up Most of the Estate’s Funds
Truth: In most cases, probate costs less than five percent of the estate value. Even that is only the case when you’re actually required to go through for formal process. Not all estates are required to do it.
MYTH: All of an Estate’s Assets Pass Through Probate
Truth: Nope! Assets titled in your name are the only ones that will pass through probate. Any jointly titled assets will pass outside of probate to the surviving owner or owners. IRA’s, retirement plans, and life insurance plans will also pass outside of probate as per your designation of beneficiaries.
MYTH: My Information Will be Kept Confidential
Truth: Not true at all. Any information that passes through probate will be a matter of public record.
Probate is a highly detailed process, which most people do not have any in-depth knowledge of. For assistance in creating your Will, it is always best to seek the aid of an attorney. The Orlando Law Group stands at the ready to assist you through this process. Call 407.512.4394 to book a consultation today!
Last Updated on May 2, 2017 by The Orlando Law Group
