Advantages and Disadvantages of Probate
There are advantages and disadvantages to all types of probate, but usually there is only one option when you examine the assets of the decedent.
For instance, if the decedent's probatable assets exceed the funeral expenses or $6,000 then a disposition of personal property without administration is not an option. Nor is it an option if there is no spouse or child.
On the other hand, heirs can always choose a formal administration regardless of the assets.
Sometimes, it is a good idea to wait two years and file a Summary Administration because it is much simpler no matter how large the estate is. However, the assets have to be such that they can wait to be distributed. i.e.: if there is a piece of real estate and no one wants to take responsibility and pay the bills then a formal estate has to be opened to get the personal representative appointed so he or she can sell the property and/or use the estate's assets to pay for the expenses.
Yes, You Can Lose Everything!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!