Avoid Probate (Part 2)- Avoid Delays

            Where I practice law, the amount of time to get an uncontested matter through Probate ranges between 6 – 12 months.  In other jurisdictions, this time even extends to two years or longer.  During this Probate process, many distributions cannot be made; the wishes and directives of the deceased may be frustrated; loved ones may lack the means to move forward; and assets may be compromised.

            If the deceased passed a home or rental property through Probate, carrying costs for these properties must continue to be satisfied while the Probate is pending.  Extraordinary costs such as roof repairs may arise.  The properties may fall into disrepair and value lost.  To address these responsibilities, emergent applications may need to be made to the Court to secure required funds.  These motions themselves take time to prepare and prosecute.

Family members and loved ones might not be able to move on absent distributions which are significantly delayed.  The surviving spouse may be “trapped” in the family house until authorized to sell by the Court.  Movin to a new area or long term care may be delayed for the surviving spouse absent these proceeds from a sale of properties.  Opportunities may be lost, including investment opportunities.

            The alternative of prompt, perhaps immediate, distributions pursuant to the wishes of the deceased exists.  Administration of estate issues from a Living Trust, including distributions, can take place as soon as the decedent leaves this realm.  There is no Probate over Living Trust distributions.

            To avoid delays of distributions, preserve the value of assets, and permit loved ones to grieve over you rather than distributions of assets, reach out for Estate Planning Attorney Michael Geiger at (901) 219-5549 or at [email protected].