The Benefits And Drawbacks Of Probate

The probate process in Florida does get a fairly bad reputation. Many people are aware of the drawbacks associated with the process. Just like anything else, though, it also has many benefits. There is a reason for the process and in many ways, it can be quite beneficial. Below, our Daytona Beach estate administration lawyer explains further.

The Benefits of Probate in Florida 

Although it may be difficult to see the benefits of the probate process, there are many that people do not realize. These include:

• When a person dies without a will, known as dying intestate, the probate process can help beneficiaries avoid problems in the future by ensuring all assets of the estate are distributed according to Florida’s intestacy laws.
• When a person passes away and they did leave a will behind, the probate process can ensure that their intentions and wishes are reinforced and executed properly.
• Probate can reassure loved ones of the deceased that there is a trusted procedure in place to ensure that assets are distributed properly.
• Sometimes people forget to include assets within their will and in these cases, probate can help ensure they are distributed to the proper beneficiaries.
• Probate can help beneficiaries and heirs ensure that all debts and taxes related to the estate are paid.
• If the deceased still owed debt at the time of their death, creditors only have four months to file a claim against the estate.
• Sometimes people who have passed away could not afford estate planning during their lifetime. In these cases, the estate in question is fairly small and so, probate can help distribute it properly.

The Drawbacks of Probate in Florida 

Probate can be very beneficial in many situations. However, there are reasons people try to avoid the process. The biggest drawbacks of probate include:

• The process typically takes between six months and one year to complete. This time can be very tiring for families who have to collect paperwork, meet with a lawyer repeatedly, and attend court hearings.
• Until the probate process is complete, property within the estate cannot be distributed, meaning it can take a long time before beneficiaries receive their inheritance.
• Anything that happens in probate court becomes a matter of public record. This means that anyone can look up personal and sensitive information about the deceased.
• Probate always has the potential to be expensive. Attorney, court, and personal representative fees can all reduce the value of the estate and mean there is a smaller inheritance for the beneficiaries.

When the above drawbacks pose significant problems, it is important to know that there are ways to avoid probate.

Our Estate Administration Lawyer in Daytona Beach Can Advise On Your Case 

Determining whether to avoid probate is right for your case is not always easy. At Bundza & Rodriguez, our Daytona Beach estate administration lawyer can help you decide the best option for you and help you through the process or draft the documents to help you avoid it. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal help you need.

Source:

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