Estate Planning Myth: You Should Always Avoid Probate

While it’s true probate can sometimes be time-consuming, Nebraska’s probate system offers streamlined options that make the process far less daunting than people think. Today, we’ll bust the myth that one should always avoid probate and explain why probate isn’t automatically the nightmare some believe it to be.

Why Do People Fear Probate?

Probate is a court-supervised process that helps to settle a deceased person’s estate by verifying a will (if applicable), paying debts, and distributing assets. It has a reputation for being lengthy, expensive, and public. Some horror stories of drawn-out court battles or high fees have led many to assume they should avoid probate at all costs.

Common concerns include:

• Time Delays: In some states, probate can take a year or more, which ties up assets during that period.
• Cost: Court filing fees, attorney fees, and executor fees can add up. For very large or complex estates, these costs may be significant.
• Privacy: Probate filings (including the will and asset inventory) become public record. Those who value privacy often attempt to keep assets out of probate to avoid disclosing details of their estate publicly.

Due to these concerns, estate planners often recommend strategies to avoid probate, including living trusts or joint ownership. But the advice to “always avoid probate” is a myth, especially in Nebraska.

The Truth in Nebraska: Not All Probate Is Painful

In Nebraska, the probate system is often less burdensome than people understand. While avoiding probate can be beneficial in some situations, attempting to avoid probate in other cases can create its own complications.

For example:

• Probate for a typical estate (with a clear will and cooperative heirs) is often a modest administrative process that one can expedite by proceeding with an informal probate. The availability of informal probate means that going through probate in Nebraska can be a painless and efficient process.
• Many smaller estates in Nebraska don’t require probate at all. Nebraska law provides minor estate procedures that allow heirs to collect assets without a formal probate case, as long as the estate’s value is under a certain threshold.
• In many cases, probate can actually protect beneficiaries. Probate provides an explicit legal cutoff for debts by giving notice to creditors and creates a clear title transfer for assets, such as real estate.

Should You Avoid Probate?

Every estate is unique. For some, avoiding probate can save their heirs time, money, and stress. For others, probate may be a valuable mechanism to wrap up affairs cleanly. The right strategy depends on the estate’s size, complexity, and one’s own personal circumstances.

Ultimately, the real myth is the belief that “you should always avoid probate.” A better guiding principle is to plan so that whatever needs to happen after death, probate or otherwise, will be as smooth as possible for your loved ones.

Ready to Get Started?

At Fraser Stryker, our estate planning attorneys can help create a tailored estate plan, whether that means employing probate-avoidance tools or confidently using Nebraska’s efficient probate process. Contact our Estate Planning attorneys to learn how we can assist in protecting your legacy and provide peace of mind for the future.