The state you are living in determines how your estate is to be distributed and your estate is in the hands of the probate court.

Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your will. If you do not have a valid will, your assets are distributed according your state’s law, which can be an expensive process. Legal/executor fees and other costs must be paid before your assets can be fully distributed to your heirs. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. It takes time, usually nine months to two years, but often longer. During part of this time, assets are usually frozen so an accurate inventory can be taken. Nothing can be distributed or sold without court and/or executor approval. If your family needs money to live on, they must request a living allowance, which may be denied.

Your family has no privacy. Probate is a public process, meaning any “interested party” can see all of your assets as well as your debts. The process “invites” disgruntled heirs to contest your will and can expose your family to unscrupulous solicitors. Your family has no control while the probate process determines how much it will cost, how long it will take, and what information is made public.

If your estate includes kids, then you’ve really got to get a plan. Otherwise, the court will decide who will raise them if something happens to both parents.