Probate is a legal process that authenticates the deceased person’s will (if they have one) and approves the named executor to carry on with the distribution. During this process, the individual’s assets are located, inventoried, and assessed for their value. The court ensures all debts and taxes are paid before distributing the estate.
However, if a person doesn’t have a will, the legal process can become more complicated for their loved ones. Due to this many people associate probate with a lengthy and draining process, but it doesn’t have to be.
This blog has listed probate’s pros and cons and how you can make the process smoother with our estate planning attorneys.
- Probate is a court procedure that ensures fair distribution of the property and assets if the deceased didn’t leave a will.
- If a person leaves a will, probate validates and ensures that their intentions are fulfilled.
- The probate process ensures that claimed debts and taxes are paid on the deceased’s assets. This way, the beneficiaries don’t have to face any issues in the future.
Although probate offers a court-supervised way to facilitate the transfer of assets, here are some disadvantages of the process:
- Personal and financial information becomes public knowledge during the process of probate, which might be intrusive for some.
- This process may require significant costs which get deducted from the estate’s value.
- It’s a time-consuming process and can hold the distribution of the estate for months and years.
- It’s a stressful process for the deceased’s loved ones.
Probate is a legal process for the distribution of assets and property. Although it comes with potential disadvantages such as hefty costs, time delays, etc., you can use different strategies to simplify or avoid the process.
Bourassa Law Group is a law firm offering various legal services in Nevada, Colorado, and Arizona. Our skilled and experienced estate planning attorney can create a viable strategy to help you avoid probate. We make sure that your next generation doesn’t have to go through strenuous legal proceedings and receive their assets promptly.
Get in touch with our attorneys for a free consultation now.
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