What Are The Advantages & Disadvantages Of Probate?
Going through the probate process offers a variety of advantages and disadvantages. By being aware of these advantages and disadvantages, you can determine if working with a probate attorney and through probate is the right choice for you.
What Is Probate?
The definition of “probate” is as follows: a judicial procedure in which a testamentary document is established to be a valid will and, as such, a valid legal document, allowing a deceased individual’s assets to be distributed.
All throughout the probate process, the assets outlined within the will are distributed. But, this is contingent on the will being established as a valid legal document.
To ensure that a deceased individual’s assets are distributed properly, a representative is assigned to gather and organize the assets that are to be divided. Right after these assets are gathered and organized, any debts, fees, and taxes are paid, allowing the assets to be distributed to those who are entitled to them.
What Are The Advantages Of Probate?
Going through the probate process offers a variety of advantages. Some of the most notable advantages of the probate process are as follows:
- The probate process makes it much easier for those who were unable to afford estate planning to ensure that their assets are distributed in a manner that aligns with their wishes and goals.
- The probate process ensures that a deceased individual’s assets are divided according to state law, assuming a will is not present.
- The probate process validates and affirms the wishes of a deceased individual, ensuring that these wishes are met and their assets are divided in the manner they see fit.
- The probate process ensures that all debts, taxes, and fees are taken care of, before the assets are divided.
- The probate process protects a deceased individual’s assets from those who might manipulate a will in order to illegally obtain those assets.
Given the advantages outlined above, the probate process is often worth considering.
What Are The Disadvantages Of Probate?
Even though the probate process offers many advantages, it also offers some disadvantages. Some of the disadvantages of the probate process are as follows:
- The probate process takes a long time and is often quite expensive.
- The probate process ensures that a wealth of family and financial information becomes a matter of the public record and, as such, is no longer confidential.
- The probate process prevents the distribution of assets, allowing them to only be distributed when the probate process is complete.
- The probate process is deeply stressful and often emotionally taxing.
Given the disadvantages outlined above, the probate process, while useful, is not always the most appropriate choice.
Speak To A Florida Probate Attorney Today
Every now and then, going through the probate process is the best possible choice.
Speak with a Villages probate attorney today. We will assist you in going through the probate process and achieving the best possible legal outcome.