What's the big deal with probate?

Because television has brought the courtroom, and the law office, into
our homes on a regular basis, many of us are familiar with legal terms
that we may not understand all that well. One of those terms is,
"probate." Like most people, you have probably heard the term around the
water-cooler at work, or during a discussion with friends or family.
Still, as common as the term may be, most people cannot explain to their
friends of family what probate actually is.

In basic terms, probate is a legal process for dealing with the estate
of a person who has passed away.

What is less well known than the definition of the word, is the fact
that the costs of probate can be significant. Then again, the costs can
be minimal. The determining factor between a long, protracted probate
that consumes much of your estate, or a relatively quick, inexpensive
probate, is – planning. Believe it or not the length and cost of the
process very much depends on how well prepared you are before the
probate process begins. In effect, the more specifically you provide
instructions for the administration of your estate, the more of your
estate stays in the family – or goes where ever you choose it to.

Put in even more simple terms – probate is a legal process that
determines where all your accumulated wealth and belongings will go
after your death. If you plan well, the gains you have amassed in your
life will go where you wish it to go, and benefit those you wish it to
benefit. On the other hand, if you plan poorly, or not at all, your
accumulated wealth will go where lawyers and judges you probably never
met think you would have wanted it to go.

That is the exact reason that a good lawyer will ask you to update your
will periodically. Because as with any other endeavor in life, the
better you plan, the better the results, and the happier you and your
family will be in the end.