The Pros And Cons Of Probate
Some people think that the probate process has inherently negative connotations. While the probate process does have some drawbacks, it is not all bad. The probate process is, after all, there for a reason and in some cases, it can be very beneficial. Below, our St. Petersburg probate and trust administration lawyer explains further.
What are the Pros of Probate?
While it may not be easy to immediately see the benefits of probate, there are several. The main ones of these are as follows:
- When a person passes away and does not leave a will behind, probate can prevent problems from arising in the future and ensure that all property is distributed according to the state’s intestacy laws.
- Probate can reassure loved ones of the deceased that there is a procedure in place to distribute assets that they can trust.
- When the deceased does leave a will, probate can reinforce the wishes and intentions of the deceased, and ensure they are being carried out properly.
- Probate can assist with distributing assets that were not included in a will.
- Probate can help provide family members and beneficiaries that all necessary taxes and debts are paid on the estate.
- If the deceased had debt in their name, creditors only have four months to file a claim against the estate.
- Probate is especially helpful in distributing small estate, in which the deceased could not previously afford estate planning.
What are the Cons of Probate?
In certain situations, probate can be very beneficial. Still, there are reasons why some people try to avoid the process at all costs. The biggest cons of probate are as follows:
- Probate usually takes between seven months and one year to complete. During this time, family members often have to exhaust time and energy to gather paperwork, attend court proceedings, and meet with a lawyer.
- Assets of the estate cannot be distributed until the probate process is complete.
- Probate will result in personal financial and family information going on public record and that it will become public knowledge.
- Probate is a costly process. Court, attorney, and executor fees are all deducted from the value of the estate and could cost between four and ten percent of the estate.
Due to the above factors, it is very important to determine if it is more appropriate to try and avoid the probate process, and ways to do it.
Our Probate and Trust Administration Lawyer in St. Petersburg Can Help You Make Informed Decisions
Deciding whether or not you want to avoid probate, or facing the process, are all very complex situations. When facing them, you need sound legal advice from a St. Petersburg probate and trust administration lawyer. At Legacy Protection Lawyers, LLP, our seasoned attorneys can provide the sound legal advice you need so you can make informed decisions and do what is best for you and your family. Call us now at 727-471-5868 or connect with us online to schedule a consultation with one of our experienced attorneys and to learn more.