The Cost of Dying Without a Will: Understanding Probate

Probate is a word most people only encounter once it's too late to avoid it, in the middle of settling a loved one's estate with no will in place. Understanding what it actually involves, before you need to, can save your own family significant time, money, and stress later.

What Probate Actually Is

Probate is the court supervised process of distributing a deceased person's assets, either according to their will or, if there isn't one, according to state law. It typically involves validating the will if one exists, paying off debts and taxes from the estate, and then distributing what remains.

Why It Takes So Long

Probate can take anywhere from several months to over a year, depending on the size and complexity of the estate, whether there are disputes among heirs, and how backed up the local court system is. During this time, assets are often frozen, meaning family members may not have access to funds they're depending on.

How a Will Changes This

A clear, properly prepared will can significantly speed up probate, and certain estate planning tools, like trusts, can help some assets bypass probate altogether. The difference between a family that spent an afternoon setting up an estate plan and one that didn't often shows up exactly here, in how smoothly, or how painfully, the months after a loss actually go.