WHAT ARE THE PROS AND CONS OF PROBATE
It's crucial to comprehend certain fundamental concepts concerning probate, including why you might wish to avoid it and why, in some circumstances, you might not.
WHAT ARE THE PROS AND CONS OF PROBATE
There are numerous myths regarding the probate procedure when someone passes away, whether they have a will or not (known as intestate.) But when probate is required at all, Washington may have some of the most straightforward laws in the country, making the procedure simpler to handle.
It's crucial to comprehend certain fundamental concepts concerning probate, including why you might wish to avoid it and why, in some circumstances, you might not.
ADVANTAGES OF THE PROBATE PROCESS
In some circumstances, one of probate's largest benefits can also be a drawback. Some people might not want their private information made public because probate is a subject of public record. Going through the "public option" can be a safer option, nevertheless, when the estate left behind is complicated and has multiple prospective heirs, beneficiaries, and creditors with potential claims.
Through probate, the court oversees the process and issues public disclosures. This restricts the time period during which any party with a possible interest may assert a claim against the estate. The drawback is that everything related to the estate, including the will's contents, becomes public record, which may not always be a good thing.
DISADVANTAGES OF PROBATE
The length of time required to finish the legal process is one of the major drawbacks of probate. It's a formal process that involves the assistance of a personal representative to guide the estate through the legal prerequisite procedures, and there are deadlines for each phase.
For instance, the amount of time that creditors have to file a claim is four months, during which time the assets of the estate are unavailable to beneficiaries. That can put heirs at a real disadvantage if they’re in desperate need of their inheritance.
Probate is also expensive, which is a drawback. The costs of issuing notices to creditors, court and filing fees, and other charges may deplete the estate's assets, leaving less for the beneficiaries.
There may also be payment to the estate's personal representative, legal fees, accounting services, and professional appraisers on top of the filing fees and other expenditures. When these services are required, the money may be properly spent, but when all of them are paid for at once, the value of the estate may be diminished, leaving less money for the heirs and beneficiaries.
HOW TO AVOID PROBATE
Many of the difficulties of probate can be avoided with careful estate planning. A living trust is a great tool for transferring real estate, money or bank accounts, cars, and other personal property to beneficiaries in a tidy, timely, and private manner.
Living trusts allow heirs and beneficiaries to protect their privacy since, unlike a last will and testament, its contents are not made public. Another strategy for transferring real estate to a surviving spouse without going through probate is to establish a community property agreement.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080