What Are The Pros And Cons Of Probate?

Unless assets are titled in a manner to avoid the probate process, probate is necessary to distribute assets to the beneficiaries. Probate is simply the legal process with court oversight in which estates are administered and settled. There is often a lot of misinformation regarding probate.  Many people mistakenly believe the process is relatively straightforward while others go to great lengths to avoid it even though their case will not be that complicated.

Although there are some drawbacks of probate you may want to avoid, the process also has some benefits. Below, our St. Petersburg probate administration lawyer explains what these are.

What are the Advantages of Probate? 

Depending on your own personal circumstances, you may decide that you want your estate to go through probate after you pass away. This is because probate has many advantages, including the following:

• You want to limit debt: If you have significant debt, you may want your estate to go through probate. Creditors are given an opportunity to file a claim against your estate to recover unpaid debt. However, they have just 90 days from the date of notice to file a claim. If a creditor does not file within that time, they lose the chance to recover the debt. This provides a finite cutoff for creditors to make a claim and be paid.
• You are concerned about creditor claims: The personal representative you choose to administer your estate has a fiduciary duty to object and potentially defend against invalid creditor claims. If your estate has the resources to defend low-risk claims, your estate and your loved ones will have the protection of court supervision to resolve creditor disputes.
• You anticipate family disputes: If you believe that any of your family members will dispute your estate planning documents and wishes, a probate administration may be helpful to either create a deadline in which someone may contest your estate or to defend your estate against such contests.

What are the Drawbacks of Probate? 

Probate is most beneficial for small or simple estates that are not subject to significant risks. You may want consider utilizing tools to help your loved ones avoid probate in the following instances:

• You want your heirs to receive their inheritance faster: Probate can take a long time and your heirs cannot receive their inheritance until your estate is settled. By avoiding probate, your loved ones can usually receive their inheritance faster.
• You want to limit costs to your estate: Creditors can make claims against your estate during probate and if they are successful, this will deplete the property available to your heirs. Even without these claims, the costs of probate can quickly add up and cost approximately three to five percent of the value of your estate.
• You prioritize confidentiality: Anything that happens in probate court becomes a matter of public record. The property and instructions within a trust, on the other hand, are kept confidential.

Our Probate Administration Lawyer in St. Petersburg Can Advise You of Your Options 

At Legacy Protection Lawyers, LLP, our St. Petersburg probate administration lawyer can review the facts of your case and help you determine whether the process is right for you and your family. Call us today at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html