Despite being one of the most straightforward legal processes, probate has a fairly bad reputation. To some, it’s just a mystery; to a few, it’s unimportant; yet there are a few who find it extremely complex.
It looks complex only because there are so many misconceptions surrounding it and because the legalities also often vary from state to state, it’s hard to distinguish the facts.
Here are a few common misconceptions that aren’t true for any state.
A Will Can Save You from Probate
While a will is incredibly important to safeguard a person’s wishes regarding their assets and beneficiaries, it does not eliminate the need for a probate process. In fact, without probate, the said will can not be made effective.
In most cases, probate will be necessary before any of your assets pass down to your inheritors. What can escape the probate process is some excellent estate planning. You can separate some of your assets by placing them in a trust, and that way, they’ll pass over to the named beneficiaries without going through the probate court system.
Probate Takes Forever
While probate can take a while, it does not last as long as many people believe. In fact, in the state of Nevada, a routine probate process can be completed between 120 to 180 days which is hardly 4 to 6 months and not unreasonable at all.
The proceedings only prolong in very rare cases when there are disputes, debts, or other litigation matters. The longest probate case in history did go on for more than 50 years, but even that one didn’t last forever.
The Probate Process Costs You Everything
Like any other legal process, the probate process comes with attached costs and fees, but if everything goes well, it will still be a justifiable amount. Usually, the longer the process goes on—due to complications with debts and disputes—the more expensive it becomes.
But many people believe that the probate process drains the estate entirely, which is an exaggeration of the largest proportions. If there are no irregularities and the process goes on smoothly, the fees will be a reasonable amount based on the state law and the size of the estate.
The law in Nevada requires a deceased person’s will to be submitted to the district court’s clerk within 30 days. So, if you haven’t yet started thinking about the probate process, it’s better to start soon.