The Advantages And Drawbacks Of Probate
Some people have inherently negative ideas associated with the probate process. Although the probate process can create issues for some people, not everything about it is bad. After all, probate is there to serve a purpose and there are times when it can be very beneficial. Below, our Daytona Beach probate lawyer examines the biggest advantages and drawbacks of the process.
What are the Advantages of the Probate Process?
Although many people think the probate process does not have any advantages, that is not true. The biggest benefits of process are as follows:
- In cases when a person dies without having a will in place, probate can make sure issues do not arise in the future. All property will be divided according to the intestacy laws in Florida.
- The probate process can reassure surviving loved ones that there is a trusted procedure in place that will distribute the assets in the estate appropriately.
- When a person does have a will and passes away, the will has to be proved during the probate process, which can make sure their last wishes are fulfilled.
- Probate can help distribute property that was not included in a will.
- Probate can help surviving loved ones and beneficiaries ensure that all necessary debts and taxes associated with the estate are paid.
- Creditors only have four months to file a claim against the estate if the deceased carried debt in their name.
- Probate is particularly useful in distributing smaller estates, in which the deceased could not afford to plan for their estate during their lifetime.
What are the Drawbacks of the Probate Process
Probate can be very beneficial in many situations but there are also times when people should try to avoid it. The biggest drawbacks of the probate process include:
- Probate can take anywhere between seven months and one year to complete. At times, it may take longer. As surviving family members wait for the process to complete, they have to spend time and energy finding and collecting paperwork, and meeting with a lawyer.
- Property in the estate cannot be distributed to beneficiaries until the probate process has been completed.
- Probate happens in court, which means it becomes part of public record. This means that personal, family, and financial information is not kept confidential, which can cause a problem for heirs.
- The probate process can become expensive. Attorney, court, and executor fees are deducted from the estate’s value. This can cost between four and ten percent of the overall value of the estate.
Our Probate Lawyer in Daytona Beach Can Advise On Your Case
Like all cases involving estate planning, determining whether you should try to help your loved ones avoid the probate process is a very personal decision. At Bundza & Rodriguez, our Daytona Beach probate lawyer can offer the sound legal advice you and your family need so you can make informed decisions. Call us now at 386-252-5170 or chat with us online to schedule a free review of your case and to learn more about how we can help.
Source:
help.flcourts.gov/Other-Resources/Probate
