Why Avoid Probate?

Most of us have heard that it's wise to avoid probate. And we know that probate has something to do with what happens to our property after we die -- something expensive and time-consuming. Beyond that, the details are murky.  New Jersey's probate procedures are relatively straight-forward and the costs are considered reasonable.  As a result, many clients prefer to take the traditional route with a will.  However, for those desiring to avoid probate, the  two biggest problems frequently confronted are:

• Probate can tie up property for months, sometimes even a year.

• It can be expensive without proper planning. Total costs can take up to 5% of an estate's value.

Reducing Probate Fees

Without help, learning one's way through the morass of probate laws is likely to be difficult. It is not, however, impossible.  Given all this, some clients feel that it makes more sense to see if  probate can be avoid ed  altogether. At the very least, consider reducing the amount of property that will be subject to probate -- this will reduce fees and ensure that your beneficiaries get some of their inheritance faster. For a discussion of the major probate-avoidance methods, see Ways to Avoid Probate.