One of the biggest frustrations many families face after a loved one passes is the unexpected length of time it takes to settle the estate. Did you know your inheritance could be delayed for months or even years? Many Americans are shocked to discover that the probate process can drag on, especially if their parents haven’t properly planned their estates. According to a USA Today article, “Inheritance on hold? Most Americans don’t understand the time and expense of probate,” this lack of awareness is leading to confusion, delays, and financial stress for heirs.
At Vick Law, P.C., we help families avoid the time-consuming and costly probate process by setting up comprehensive estate plans, ensuring your loved ones aren’t left waiting in limbo.
The Coming Wealth Transfer—and The Risk of Delays
Over the next two decades, $84 trillion is expected to pass from baby boomers to the next generation. But many of the beneficiaries, especially millennials, are not prepared for the reality of probate. Shockingly, more than half of millennials don’t have a will or trust in place, and many don’t know if their parents do either. This lack of preparation could result in extensive delays in receiving their inheritance.
What Is Probate, and Why Does It Take So Long?
When a loved one passes away, their estate often enters probate, a legal process in which the court verifies the will, ensures debts and taxes are paid, and oversees the distribution of assets. This process can take months or even years, depending on the complexity of the estate and state laws. During this time, heirs often cannot access the assets, and the legal fees can add up quickly.
Here’s what you need to know about probate:
- Time-consuming: Probate can take months or even years to complete.
- Costly: Legal fees, court costs, and other expenses can eat into the estate.
- Public: Probate records are available to the public, meaning anyone can see the details of the estate, including the beneficiaries and assets.
Why Estate Planning Is Essential to Avoid Probate
One of the most effective ways to avoid probate is by working with an experienced estate planning attorney to create a comprehensive estate plan. This can include:
- A will or revocable trust: Ensures assets are distributed according to your wishes without the need for court intervention.
- Beneficiary designations: Certain accounts, like life insurance policies and retirement accounts, pass directly to beneficiaries and avoid probate.
- Powers of Attorney: Designating someone to manage your assets and health care decisions if you become incapacitated.
At Vick Law, P.C., we help families craft estate plans that minimize the risks of probate, ensuring that their loved ones aren’t burdened with lengthy delays or costly legal battles.
What Happens When There Is No Estate Plan?
If your parents pass away without a will or trust in place, the court will apply state laws to determine how their assets are distributed. This can mean:
- The family has no say in what happens to property, sentimental items, or investments.
- Heirs may miss out on receiving certain assets.
- Unnecessary delays as the court determines the distribution of the estate.
Start the Conversation Today—Don't Wait for a Crisis
Talking to your parents or children about their estate plan may feel uncomfortable, but it’s one of the most important conversations you can have. Waiting until a crisis occurs is too late. With proper planning, you can ensure a smooth transition of assets, minimize stress, and avoid unnecessary legal complications.
Whether you’re navigating your own estate planning or trying to ensure your parents are prepared, Vick Law, P.C. is here to guide you every step of the way. Book a free consultation today,
Reference: USA Today (July 30, 2024) “Inheritance on hold? Most Americans don’t understand the time and expense of probate”
