By Lane V. Erickson, Attorney
Probate is an essential part of the process where property is passed through a court process from a person who dies to those individuals he has chosen or who the law prescribes are entitled to receive it. The probate process is used whenever title to property needs to be transferred away from the person who died to another person, and for creditors to be paid. A probate occurs whenever a person has either a written Will or who dies without a will and any additional type of an estate plan such as a trust. The 4 disadvantages of completing a probate are as follows:
1. COSTS AND FEES
Perhaps the biggest disadvantage of completing a probate are the attorney’s fees and costs that are required to be paid. In Idaho, probates are relatively inexpensive when compared to other states that often charge set fees based on the size or value of the estate being probated. In Idaho, there is only a filing fee and other small expenses associated with a probate that are applicable to all probates regardless of the size of the estate. However, even in Idaho, there is potential for the costs associated with a probate to be quite high. This can occur whenever there is a legal fight over the Will or other aspects of the estate.
2. LOSS OF PRIVACY
The second disadvantage to completing a probate is the complete loss of privacy. In Idaho the original Will is required to be filed with the Court along with the petition for probate. Because the Will and all the other probate documents are filed with the court, any person in the public can go to the courthouse and can either read the Will and probate documents or obtain copies of the same for themselves. For this reason, there is nothing that takes place in the process of a probate that is private.
3. POTENTIAL FOR WILL CONTESTS AND LEGAL FIGHTS
The third disadvantage to completing a probate is that there is potential for a will contest and a lengthy legal fight. We’ve already mentioned that this can increase the cost of a probate. More importantly, if there is a will contest or a legal fight this is done between family members who are the beneficiaries of the estate. Based on my experience as an estate planning attorney, I can tell you that if there ever is a will contest or a legal fight between family members, this usually ends any type of relationship that these family members will ever have during their lifetime.
4. POTENTIAL FOR MULTIPLE PROBATES
The final disadvantage of completing the probate is that if the decedent owned real estate in more than one state then there will be a requirement of multiple probates. The Maine probate will take place where the decedent resided. However, almost every state will require some sort of an ancillary or summary probate to be opened in that state to deal with any real property. again this can’t increase costs of the estate but also increases the complexity and the actions that must be taken to finalize and complete the probate process.
While the probate process is not all bad, there are some definite disadvantages to completing a probate. If you have any questions about the probate process in Idaho, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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