Many Coloradans have no estate plan to leave at the time of their death. Despite knowing that the probate court would take the wheel to distribute the assets to heirs and pay creditors, these individuals fail to see the risk this entails. Of course, the court is more than capable of handling everything and ensures the assets are justly distributed, but this process is not without possible drawbacks.
More often than not, the cons of probate outnumber and outweigh its pros. Unless you absolutely do not care what would happen to your wealth if you pass away, you should sit with an experienced Denver probate lawyer and discuss estate planning as long as you have the time.
If you do not, this process might give your loved ones huge headaches otherwise could have been avoided. Why should you avoid a probate? Here are the popular reasons:
It Ties Up the Assets for a While
Depending on the size of your estate, it may take up to three years to finally settle which asset is whose. That is a seriously long period before your loved ones can touch your estate and move on.
Apart from accessing cash, the probate judge may also stand in the way to maintain, sell, or practically do anything with the estate you would leave behind, such as a business or a house.
It Can Be Costly
A probate proceeding is not free; court fees could add up quickly, which would reduce the estate’s overall value. Instead of your loved ones using the money you left, a considerable part of it would go to the state.
It Makes Everything Public
Probate records are available to the public. Anyone could easily ask the courthouse to see the probate file with no questions asked. Without a proper estate plan, there is no guarantee these family matters would stay private.
Avoiding probate is one way to care for your family. Estate planning skips this complicated process altogether and let your loved ones mourn and move on from your passing with less stress.