Navigating Probate Delays: A Call to Action for Estate Planning
SLS Wills and More Founder - Sara Sheppard recently put a post on LinkedIn about probate delays… Here is a quick summary from Sara:
In recent times, many of my esteemed colleagues in the field of estate planning, particularly those at STEP – Advising Families Across Generations, and probate practitioners, have found themselves grappling with the frustrating issue of significant delays in obtaining Probate. While there have been changes in management within the Probate Registry, the real question remains whether these changes will lead to the much-needed investment in experienced senior staff to expedite the processing of applications.
The press has recently shed light on this problem, but the concern is that it may not necessarily result in improved turnaround times. Instead, it may fuel the emergence of more "solutions to avoid probate." This is where our collective responsibility as practitioners comes into play. We must address the challenges posed by these delays and provide genuine answers and guidance to our clients and their families.
One of the primary concerns is that individuals facing extensive Probate delays might be tempted to explore alternative options, such as placing their properties into trusts. While this can be a viable solution, it is imperative to proceed with caution and consult with a reputable firm that possesses the expertise to offer sound advice. If you come across an advertisement promoting such services, I urge you to exercise due diligence. The marketing of trust-based solutions is not always as transparent as it should be, and you should verify the credentials and reviews of your adviser.
Putting your house into a trust is not a straightforward process, and the consequences can be far-reaching, potentially deviating from your initial intentions. It is crucial to remember that your motivations behind such decisions may also be scrutinized to determine if you have deliberately deprived yourself of assets, which could have unintended legal implications.
The heightened visibility of severe delays at the Probate Registry may lead to an increase in the promotion of "solutions to avoid probate." As practitioners, it is our duty to counter this hype with well-informed and genuine solutions. While I may not have all the answers at this moment, it is high time that we, as professionals, take a stand to protect the best interests of our clients and their families.
In the face of these challenges, I am reminded of the saying, "Answers on a postcard, please!" While the solutions to Probate delays may not be readily apparent, our commitment to seeking them out and providing reliable guidance to our clients remains unwavering. Let us continue to advocate for the welfare of our clients and work collectively to find ways to navigate these trying times in estate planning.