It is possible that your family may be required to endure the process of probate when a loved one passes. Most have the misconception that probate can be a real headache, as they worry it can be an expensive and time consuming process. In fact, probate really can happen fairly quickly and inexpensively. There are a number of benefits to enduring the process of probate court.
When Creditors are Owed Money
When a debt is owed, it can be harder for a debt collector to get the money they were owed without probate. When probate occurs, creditors have the opportunity to retain money that may be owed by talking to the estate executor. After a loved one passes away, the estate executor can settle all accounts with balances.
When emotions are running high, people can respond irrationally. The impending distribution of a loved one’s assets may cause people to be highly emotional and angry. When families go through the probate process, they are often better behaved as they are required to present themselves in court. If a family is having a dispute, it is reasonable for the judge to request that they attend mediation to sort out the issue and come to a resolution.
Transfer of Assets in a Timely Manner
Probate allows beneficiaries of the estate to receive their inheritance promptly, regardless of whether or not there is a will. When disbursement of assets is unclear, it is often because of a more complex situation such as a divorce. An attorney will usually work to keep assets as separate as possible, at times, this can be difficult. When determining how assets will be dispersed, judges often refer to state law.
In order to determine the validity of the will, it must be signed by two witnesses. Typed wills are often required but in some situations, a handwritten will may be considered acceptable. Beneficiaries, or loved ones who believe they should have been included, will have the opportunity to contest the will when it makes sense.
The loss of a loved one comes with it’s fair shares of challenges, sometimes, the probate process can make it easier to settle any debts the person may have had. The estate may be able to settle quickly when the executor cooperates with the courts.
Contacting an experienced probate attorney such as the Scottsdale AZ Probate Lawyer locals turn to may be helpful when sorting through the affairs of your loved one.
Thanks to authors at Arizona Estate Planning Attorneys for their insight into Estate Planning.