Understanding Probate: Why You Shouldn't Try To Avoid It
It's no secret that the probate process has a pretty bad reputation, but that reputation is a little bit misguided. Probate isn't a negative thing, despite what many people believe. While it can take some time, and it does have an associated cost, probate can actually be a good thing. Here are a few reasons why you may want to consider the probate process as an advantage.
There's No Risk Of Beneficiaries Cheating Each Other
Family doesn't always get along, and in the face of separating a deceased loved one's assets, tensions can run high. Sometimes, beneficiaries might be afraid that the family member chosen as administrator of the estate is not being forthcoming. When the estate stays out of probate, there's no requirement for full disclosure of assets or liabilities, so it'd be easy for one beneficiary to hide things from the rest.
However, when the estate enters probate, there is a legal requirement for all of the assets and liabilities associated with the estate to be listed in detail. That can ease some of the strain between your beneficiaries, because they can clearly see that everything has been illustrated to the courts and then distributed.
Probate Restricts The Creditor Claim Timeline
When an estate enters probate, any creditors who believe they have a financial claim on the estate must file that claim within a predetermined time. The timeline can vary by state, but the restriction still exists. This can save your beneficiaries from facing a creditor claim after assets have been distributed. Creditors may be denied any restitution if they try to file after that claim deadline passes.
Your Beneficiaries Will Have Legal Help
Sometimes, an estate settlement isn't as straightforward as it might seem. If there are multiple wills, particularly if the versions are conflicting and it isn't clear which is the most recent, that can lead to confusion.
Any tax implications that arise unexpectedly can be overwhelming when your beneficiaries are trying to settle things on their own as well. It can be difficult to know what actually has to be paid, or how much it would be.
When the estate goes into probate, all of these things are reviewed and addressed by the court, so there's no risk of errors on the part of the beneficiaries. This can take a lot of stress and worry out of the picture.
The more you understand, the easier it is to see the advantages of the probate process. Talk with an attorney near you today for more information, or visit websites like https://ivylawgroup.com.