Probate gets a pretty bad rap for being something that delays beneficiaries from receiving their inheritance and may even eat up considerable funds from the estate. Is there any time when probate court can actually be a good thing? Let’s look at some of the advantages and disadvantages of probate.
The Advantages of Probate
If someone passes away without executing a will or having other estate planning measures in place, probate can really save the day. A few of the advantages include:
- Provides a legal means of redistributing the estate
- Enforces and validates the wishes included in a will
- Cares for remaining debts and taxes so heirs don’t have to worry someone will eventually come knocking at the door looking for money that may have long been spent
- May encourage debt forgiveness due to the window for claims against the estate being short
The Disadvantages of Probate
Here are a few of the reasons most people try to avoid probate with their estate planning:
- Probate is public record, so anyone can look up your financial information
- Executor fees and court costs may cut significantly into the value of the estate
- Probate can keep beneficiaries from receiving funds for weeks, months, or in some cases even years
- Complicated probate regulations can put a huge strain on beneficiaries and especially on the executor of the will
- The courts make the final decisions on your estate rather than you
- The higher the gross value of your estate, the higher the probate fees, making it more cost effective to create and maintain a revocable trust
Southern California Estate Planning Attorneys
Petrov Law Firm has the Southern California estate planning attorneys you can trust to help you develop an affordable and effective plan of action for the future. Contact us today by calling 619-344-0360 to get started.Read More
This is a question that a lot of clients come into our office asking. Let’s discuss how probate works and what you can do if you want to avoid it.
What Is Probate?
Probate is the legal process through which a person’s assets are distributed after he or she dies. If the person who passes away has a last will and testament that is legally valid, then the document is used as a guideline. It should outline:
- An executor – This is a person who is responsible for gathering and dispensing the estate’s assets. Responsibilities may include paying taxes that are still owed by the estate as well as any other debts and collecting debts that may be owed to the estate. Multiple executors can be named in succession in case the primary executor dies before the person whose will it is.
- Beneficiaries – One or more people can be designated to receive part or all of the estate. This includes property and other assets.
Probate court can drain much of the funds in an estate and lead to lengthy proceedings that keep beneficiaries from getting money as quickly – especially if the will is contested. For this reason, many people prefer to take steps to avoid probate. How?
Avoiding Probate in California
If you are looking to avoid probate court in the state of California, the right option for you may be a revocable living trust. Such a trust is not subject to probate in California. The estate planning attorneys at Petrov Law Firm would be happy to help you set up such an estate plan. To learn more, call our experienced California attorneys at 619-344-0360.Read More