Many people view probate with hesitation. You may hear people advise on how to avoid probate, but should you avoid it at all costs? Probate is a beneficial process in estate administration and can positively affect families and loved ones.
The advantages associated with probate ensure the orderly distribution of assets and estate resolution.
Transparency in asset distribution
Probate ensures that the family carries out the decedent’s wishes fairly and impartially. The distribution of assets becomes part of the public record and must be transparent for all family members. Heirs have less of a chance to dispute with one another when they have a clear framework and understanding of how the decedent wanted to divide the estate.
Creditor resolution
Probate also addresses all outside debts and obligations. If you owe creditors money, you do not want the creditors to try to go through your living family members to attempt to obtain their money. Instead, the court oversees all notifications to the creditors and will allow them to submit claims against the estate.
Estate dispute resolution
If conflicts arise between heirs and other beneficiaries, probate can help. Probate has a structural framework for dispute recognition and the court provides a neutral, structured framework to resolve all disagreements. Probate courts can help find solutions to disputes that follow the law. When settling the estate, you cannot file the settlement until at least six months following the appointment of the personal representative. This provides ample time to resolve all disputes before finalizing the settlement.
While some may consider probate complex or time-consuming, it creates a legally sanctioned framework that takes the guessing out of asset distribution.
