Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person.
A probate court can ensure that your intentions and wishes listed in your will are carried out after your passing. Additionally, the probate process guarantees all presented debts are discharged as well as any outstanding taxes on the estate. This, in turn, results in finality to the affairs of the deceased - and surviving family members. Of note, if the deceased had outstanding debt, the probate process gives creditors only a brief window to file a claim against the estate, which could result in more debt forgiveness if there is a concern about the estate being insolvent.
That being said, there are downsides to the probate process. One such downside is the cost. Due to the filing and inventory fees imposed by the probate courts, this is an additional expense eating away at the estate. Also, the probate process can be very time consuming. The probate must be open for a minimum period of time (in many states it is four months) to permit creditors to file claims against the estate. For most uncomplicated probate estates, it will take a minimum of one year to administer. Additionally, the lack of privacy can be a concern for some families. The contents of your will, and any other documents that have to be filed with the court, will be a matter of public record. Any disgruntled family member wondering how your estate was divided up, will have the ability to get access to the documents through the probate process. Lastly, the probate process takes control away from the deceased and the family. This is because, if you do not have a will, the probate process puts the disbursement of a deceased’s assets in the hands of the court and at the mercy of local intestacy law.
If you have questions about the probate process and intestacy laws in your state, feel free to give us a call and schedule an appointment. No matter the size of your Estate, a well crafted estate plan can help you avoid probate and make sure your loved ones are taken care of when you are gone.
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How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.