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3 Reasons to Avoid Probate - Ohio Estate Planning Attorney Explains

One of the most frequently asked questions I get when I am meeting with people about their estate planning is "Why Should I Avoid Probate? What's the big deal?" In this video, I give you the 3 top reasons why you want to avoid Probate. The first reason people avoid Probate is that Probate is expensive. The attorney fee in a Probate administration is controlled by local court rules, and is based on a percentage of the assets in the estate. For example, in Lucas County, Ohio, the attorney fee schedule looks like this: 4.5% of the 1st $100,000 of the probate assets, 3.5% of the next $300,000, 2.5% of the rest of the probate assets, and 1.5% of any non-probate assets being administered The second reason people avoid Probate is that there is a lack of privacy in Probate - Probate is a public proceeding and anyone can view the Court's file at any time for any reason. The names and addresses of the heirs and beneficiaries of the estate are listed, as well as the details of the assets in the Probate proceeding and how all of the assets of the estate were distributed. Most people would prefer to keep this information private. The third reason why people want to avoid Probate is the loss of control over how their assets are distributed to their beneficiaries. If beneficiaries are minors, or are disabled, then a guardianship (ANOTHER Probate proceeding) would have to be created to have someone manage their inheritance. If beneficiaries are financially inexperienced, are spenders, or have creditor problems, then they should have protections built around their inheritance that Probate doesn't provide. If you have questions about your estate planning, download our Special Report, "The 5 Critical Facts you need to know about your Estate Planning." You can get that report on our website at: http://www.chamberlain-law.net/?page_.... If you want to meet with one of our attorneys, you can call our office at 419-872-7670 to schedule an appointment for a free initial consultation.