What is Probate? Why is it so bad?

When most people, even lawyers, hear the word "probate," they shutter.  But what is it?  

Simply put, probate is the process by which a court oversees the administration of a deceased person's affairs.  If a person has a will, the court oversees an executor in the actions taken to carry out the deceased person's desires.  If a person doesn't have a will... well, that's another story.  

Most of the horror stories about probate stem from improper planning of two types: 1) not planning at all, or 2) not planning for your situation.  

First things first - probate is a nightmare if you don't have a will (or have one that is improperly drafted or signed).  The court has to decide what to do with all of your assets.  Do you want a judge deciding what to do with your stuff?  Judges don't have time to really think about what is best.  They simply do what is most efficient for the court within the law.  That is why you hear about situations where a person has no will and their assets end up going to some wild place!  Courts simply don't have time to do the research necessary when a person dies without a will.  So unless you are leaving literally nothing behind, you need a will!

The second nightmare situation for probate is where someone has a lot of assets and doesn't plan for their situation.  A person with significant assets (and we are talking millions of dollars) should probably have a sophisticated estate plan that takes into account asset protection, tax planning, and generational distributions.  The courts aren't equipped to handle this type of situation, so just like when someone dies without a will, the court does whatever it can to just get it off of its plate quickly.  The result is usually unhappiness from all involved.  But this usually only happens when a person was, well, pretty rich but not intelligent.  

For the average person, probate isn't the end of the world.  For example, most states have statutes that allow an expedited probate where an estate of a certain size can be dealt with very quickly, assuming there is a will.  

So, unless you have nothing, you need a will.  If you aren't a multi-millionaire, a will is all that is required, as long as it is drafted correctly.

Don't have a will?  Get one here. For a low price, you can get a will drafted by an attorney, without the hassle and cost of going to law firm, and without the risk of doing it yourself.  Otherwise, you are passing on to your family a lot of heartache and troubles!