In Kentucky, there are several aspects of winding down a person’s affairs after they have died that should be understood. Of course, having an estate plan can be a fundamental part of ensuring their wishes are adhered to. However, in the aftermath, probate is also crucial.
Frequently, people are unaware of and unprepared for the litany of potential challenges that accompany probate. With that, it is essential to grasp probate and how to navigate challenges with the process.
Know the facts about probate
A recently released report in which Americans were surveyed about probate yielded some troubling results for people looking to avoid difficulties after a loved one has died. The State of Probate surveyed 1,000 people. It found that more than 50% did not know how much probate would cost; that fewer than 50% realized they were not automatically entitled to an inheritance; and that around 2% were aware of the amount of time it would take for a decedent’s estate to be settled.
On average, probate takes almost two years. The value of the estate generally dictates how much probate will cost with it potentially reaching up to 7%. As the so-called “baby boomer” generation ages, this leaves their heirs wondering about their assets and what will happen to them. Often, these are millennials with nearly four in 10 not even having had a discussion with their relatives as to their estate plan.
As probate proceeds and heirs and relatives are informed as to what is in the person’s estate plan, it could stoke disagreements and discord about what they are and are not receiving. In some cases, it can spark a legal battle. This often happens when people do not understand probate and want to challenge the estate plan.
Probate is a legal process that generally requires guidance
A person who creates an estate plan does so with the objective of deciding where their assets will go. In some instances, however, there is confusion about the will or what happens during probate. There could be a will contest, issues related to costs and a lack of clarity with the will. For these and other potential concerns, it is useful to have qualified help in creating an estate plan and dealing with all areas of probate.