When you look into the subject of estate planning, you will hear a lot of things about probate. This is the process of estate administration. If you use a Will to state your final wishes with regard to your personally held property, the Will would be admitted to probate after you pass away, except for very modest estates.
The probate court would supervise the administration of the estate. In the Will, you name an executor, and this individual would handle the business of the estate under the supervision of the court.
Passage Through Probate
You may come across some probate horror stories, However, done correctly, it is simply a legal process that serves a purpose.
For example, when someone passes away, he or she may have debts. If someone who owed you $100,000 passed away, wouldn’t you want to have some type of recourse with regard to repayment?
Final debts must be paid during probate, so the executor must notify creditors. We should point out the fact that the final debts would include final tax responsibilities.
There is also the matter of estate challenges. If someone wanted to challenge the validity of a Will, an argument could be presented during the probate process.
Ultimately, assets must be identified and prepared for distribution to the heirs to the estate that are named in the Will. This can involve appraisals and liquidation.
When you are choosing an executor, you should make sure that you consider all of the tasks that must be completed during probate. Clearly, the person should be a good communicator who has a great deal of business acumen. The process can be time-consuming, so you should also make sure that you choose an executor who has the time to do the job.
The executor that you choose may be competent and trustworthy, but he or she may not be familiar with the probate process and the expectations of the court. To facilitate a smoother passage through probate, you could arrange for your estate planning attorney to act as the probate lawyer after your passing.
Your attorney can assist your executor every step of the way, and ultimately, your wishes will be carried out and your loved ones will receive their inheritances in a timely manner.
Probate can be avoided by use of a Revocable Living Trust instead of a Will as your primary estate planning document.
Free Probate Report
We have provided some basic information in this blog post, but you can learn more if you download our special report.
This in-depth special report that can provide you with a great deal of very useful information about the probate process. The report is being offered on a complimentary basis at the present time, and you can visit this page to access your copy: Free Report on the Probate Process.
- Attorneys at Law and Powers of Attorney – 3 Questions - November 25, 2022
- Writing Your Letter of Instruction – 3 Tips - November 23, 2022
- Some Wealthy Parents Choosing to Skip Giving Inheritances - November 21, 2022