Herbert Lawson, who lives in a common-law state, has a will that gives his entire probate estate in equal shares to his three children. All of Herbert's $6.3 million gross estate is owned in his sole name except for his residence, which is owned as joint tenants with right of survivorship with his wife. Herbert's interest in this residence is valued at $325,000. Despite having been married for 30 years, Herbert's wife has no substantial estate of her own. Herbert has made $400,000 in adjusted taxable gifts since 1976. Herbert's wife is named personal representative (PR) of his estate. Assuming Herbert is survived by his wife and children, which one of the following is a disadvantage of the probate process for Herbert?
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Herbert Lawson, who lives in a common-law state, has a will that gives his entire probate estate in...
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