It’s important to properly manage your Maryland estate. If you ask finance professionals how to do this, most recommend avoiding going through probate. If you have a smaller estate, probate might not even be necessary. However, those with larger estates may find it beneficial to learn about the drawbacks of probate.
Going through probate is often expensive
Understandably, you want to ensure that as much of your finances as possible go to your family after you’re gone. However, in probate, some of your money will go toward paying lawyers and a judge. By avoiding probate, more money ends up going to your family.
Your family will wait for money left behind
In most estate plans, it’s common for someone to leave money behind for their families. If you avoid probate, your family should get their money as fast as possible. Going through probate can mean your loved ones must wait weeks or months to get the money you left behind. This might mean they’re on the hook to take care of any of your final bills and similar payments.
Your estate records are made public
If you’re like most people, you value your privacy. You likely wouldn’t want information about your assets and beneficiaries made public. However, since state courts handle probate cases, your probate court file becomes public record, and most state courts have all of this information publicly available on their websites.
Keeping your estate out of probate court is beneficial for several reasons. By avoiding probate, information about your estate remains private, and it’s easier for your loved ones to get what you leave behind. An estate planning attorney may help you with the process of structuring your estate plan to avoid probate.