It is a common misconception that probate is bad and should be avoided at all costs. After all, it can be a lengthy process that might take up to several months or even longer.
Moreover, it can be expensive for some people due to the court costs involved. In addition to these things, as probate is a matter of public record, anyone with interest can learn in-depth details about the case.
While these things might be true it doesn’t necessarily mean that probate is all bad. There are a number of ways in which probate can actually prove beneficial to the heirs of the estate.
When the negatives start outweighing the positives of probate you may actually be glad to go through the process of probate law.
Settling Creditor Claims
Probate involves the settlement of any claims held by the creditors to whom the decedent owed debts.
The executor of the will is legally required to provide a notice of the probate proceeding to any creditors who are reasonably ascertained to be owed money.
Once done, the creditors are expected to file their claims within three months. Failing to make claims within these three months can forfeit their right to pursue payment.
Probate Litigation Involving Will Contests
One primary benefit of probate is that it gives heirs along with anyone else with interest in the estate to file a claim against the estate. Litigation here involves challenging a certain aspect of the will or of the entire document.
Take an example of an heir who feels left out in the will or is provided with less than what he/she believes is due and may claim that the decedent made the will while not of sound mind, or neurological illness.
In many cases, probate law even makes it possible to challenge the creditor’s claims and when this happens, the creditor is required to go through the process of filing an entirely separate lawsuit, which many give up on. As soon as all the claims have been settled, expired, or defeated, the estate will be cleared of any encumbrances.
Despite the benefits of probate, there are also a few downsides. Although you may avoid probate by putting your assets in a trust, this could cause family conflicts as full control is given to one person.
Probate involves the settlement of any claims held by the creditors to whom the decedent owed debts.
The executor of the will is legally required to provide a notice of the probate proceeding to any creditors who are reasonably ascertained to be owed money.
Once done, the creditors are expected to file their claims within three months. Failing to make claims within these three months can forfeit their right to pursue payment.
Probate Litigation Involving Will Contests
One primary benefit of probate is that it gives heirs along with anyone else with interest in the estate to file a claim against the estate. Litigation here involves challenging a certain aspect of the will or of the entire document.
Take an example of an heir who feels left out in the will or is provided with less than what he/she believes is due and may claim that the decedent made the will while not of sound mind, or neurological illness.
In many cases, probate law even makes it possible to challenge the creditor’s claims and when this happens, the creditor is required to go through the process of filing an entirely separate lawsuit, which many give up on. As soon as all the claims have been settled, expired or defeated, the estate will be cleared of any encumbrances.
Despite the benefits of probate, there are also a few downsides. Although you may avoid probate by putting your assets in a trust, this could cause family conflicts as full control is given to one person. For more information regarding probate law, contact a probate attorney such as https://chamberlains.com.au/
