The Pros And Cons Of Probate

Probate has a negative connotation for many people. Some financial planners and estate administration attorneys even aggressively advise against it. However, for the heirs of an estate, probate can either be a negative or positive experience. In some situations, the process can be quick, smooth, and helpful. For others, it can be lengthy, expensive, and stressful. Our Daytona Beach estate administration lawyer explains more about the probate process, and the pros and cons that come with it.

Understanding Probate

Probate is a process supervised by the court that distributes a person’s property after they pass away. Theoretically, the process should be quite simple. The probate court will appoint a personal representative, who may be designated in a will, and that individual will collect the assets of the deceased, pay outstanding debts, and ultimately distribute the remaining property to the heirs of the decedent. An estate administration attorney is typically retained to help personal representatives throughout the process.

What are the Advantages of Probate?

Although probate has earned somewhat of a bad reputation, there are some advantages to the process. These include:

If the deceased did not leave behind a will, probate can help heirs avoid disputes by distributing property according to the intestacy laws in Florida.
Probate can provide peace of mind that there is a court-supervised process in place to ensure fair distribution of property.
If the deceased did leave behind a will, probate offers peace of mind that the wishes of the decedent’s wishes are respected, particularly if heirs and family members are in disagreement.
If a will is left behind but some property was not included in the document, probate can ensure it is legally distributed.
Probate provides heirs and loved ones with peace of mind that any unpaid debts or taxes are paid by the estate.
Probate can result in greater debt forgiveness, as there is only a short amount of time for creditors to file a claim against the estate.

What are the Drawbacks of Probate?

Although probate is not inherently bad, the process does have some drawbacks. These include:

Probate can be a lengthy process, taking anywhere from six months to one year or more to complete.
Assets in the estate cannot be distributed to loved ones until the estate is settled and probate is closed.
Anything that happens in probate court becomes a matter of public record, meaning it can be found by any member of the public.
Probate can be costly and these expenses are taken from the estate, limiting the property left for loved ones.
Probate can be stressful and complex for everyone involved.

Our Estate Administration Lawyer in Daytona Beach Can Help

Whether you are entering the probate process, or you want to take steps to help your loved ones avoid it, our Daytona Beach estate administration lawyer can help. At Bundza & Rodriguez, our experienced attorney can provide the legal advice you need to make things as easy as possible for you. Call us today at 386-252-5170 or chat with 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