Most people don’t really think much about the probate process unless they lose someone close to them and have to handle that person’s estate. One of the biggest shocks with probate is typically the cost, as many people don’t realize that it’s not free and can even be extremely expensive, depending on the circumstances. Not only that, but probate can take a lot of time, so people who are anticipating an inheritance may have to wait longer to receive less than they expect.

A recent survey that asked 1,000 adults about probate revealed that fully 50% of them had no idea of what the process actually costs. Slightly fewer than half of the people surveyed also weren’t aware that inheritance isn’t automatic, and only 2% knew the length of time it takes to fully settle an estate, which averages around 20 months. There are certainly cases where small estates are settled faster but some larger estates can take years, especially if there are legal challenges.

Typically, you can expect probate to cost between 3% and 7% of the value of the deceased person’s estate. With the Baby Boomers aging, there’s going to be a significant transfer of generational wealth in the coming years. Most of that will be going to Millennials, who may be exceedingly unprepared to handle the probate process and the costs and timelines that come along with it.

Currently, just under 60% of Millennials have even talked with their older family members about estate planning, and more than 60% of Millennials don’t have a Trust or Will in place. Further complicating the process, probate laws and requirements vary by state and can even be different within the same state.

It’s recommended that everyone create an estate plan, work with an attorney if they can afford to do so, and talk with their loved ones about their plans and wishes. Also, creating a file with estate planning documents can help loved ones trying to settle an estate, so they know what to do and have a better idea of what to expect.

Secure a financially sound future for you and your loved ones by partnering with us. At our firm, you can be sure that your satisfaction and unique needs will always be our first priority. We will be your trusted advisor at every step of the process. Our services are available at competitive prices and do not involve any hidden costs. We are here to guide you through the difficult decisions that will protect your family after your passing. Contact us today and secure your family’s future!