A Last Will and Testament does NOT PREVENT PROBATE! People often think that if they have a Will, there is not probate. Nothing is further from the truth.
You Will is not active until you pass. And then, court (probate) is required to admit and validate the will; take an inventory; and administrate the estate.
Probate will require about 7 to 10 trips to court to settle it out if everybody involved doesn’t waive their rights to notice, inventory, and accounting. You can expect the entire process to take from 12 to 18 months. During that time, your family doesn’t have access to the money or property they may desperately need to continue living the lifestyle they deserve.
Even if you have a small estate (defined in Arkansas as under $100,000 not including the homestead), you can expect the probate process to take about 5 months to complete at a minimum.
I hope this brief article helps you understand the importance of doing other things to prevent probate and the importance of avoiding probate.
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from DeWitt Law Firm, PLLC
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