Did you know that only around 33% of Americans have a plan in place in the event of death? If you are looking into setting up your plan to make life easier on your loved ones and friends, we are here to answer the question “what is probate law?” and go over its major advantages.
Read on to learn more in our probate law guide below.
What Is Probate Law?
Probate is when a court authenticates a deceased person’s will, distributes the assets to the beneficiaries, and pays off the deceased person’s debts.
If the person that passes does not have a living will, then the court follows the intestacy laws of the state when distributing the assets. This process is more complicated because there is no official document stating what the person’s final wishes are.
Advantages of Probate
One of the main advantages of probate is that the creditors to the probate estate can be closed out within 90 days. This is a lot quicker that someone that has their assets in a trust because that usually takes around 2 years for the creditors to put in a claim on the assets and pay off the outstanding debts.
Another advantage is that it makes it easier for family members and friends after the person passes. Probate lawyers and probate court allows the relative and friends to settle their disagreements with a judge that is neutral to the entire situation.
One last advantage worth mentioning is that it if there is a creditor that is wrongfully trying to collect money from your loved one that passed, this can be challenged in court. The court can see if the claim from the collector is correct or not.
We highly recommend you view this page to avoid any costly mistakes or pitfalls that can come with probate court.
Who Handles Probate?
If there is an executor named in the will, then this person will handle all the probate legalities. In the event that the will doesn’t name an executor or there isn’t a will in place, then the probate court will assign someone to be in charge of the process. Usually, the person in charge is the one inheriting the bulk of the deceased person’s assets.
In some cases there is no formal probate proceeding necessary, so in this case a close friend or relative serves as an informal estate representative.
Feeling Like a Probate Law Pro?
Now that we’ve answered the question “what is probate law?” you can make an informed decision about what to leave behind for your loved ones to deal with your belongings, debt, and assets. Keep in mind that every situation is unique, and it is always best to consult with a legal expert to ensure you choose the best option for your situation.
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