Pros & Cons of the Probate Process
In some cases, especially for persons who have passed away intestate or with no last will, the probate process protects minor estates. In those circumstances, a step-by-step procedure is expected to occur and ensure that the right beneficiaries inherit a decedent’s property. Your estate planning attorney can guide you on the best option to take.
Additionally, if you need the financial means to complete estate planning, you can arrange for your estate to cover the fees of the probate procedure after your passing. For those who wish the disposition of their wealth to be known to the public, the probate process may also be advantageous. The execution of a will after someone’s passing makes the details public since wills are public records.
The probate process can occasionally be difficult, particularly if:
1. No beneficiary could be found.
2. A recipient is handicapped.
3. The beneficiary is also the recipient of government benefits.
A full probate or formal administration is required if a Florida resident leaves probate assets valued at more than $75,000. The probate court can choose a representative and is responsible for fulfilling fiduciary obligations when handling the estate’s administration. Full probate can be lengthy and costly and last several months up to a few years.
That said, certain documents and courses of action are involved in estate planning and the probate process. Here are some of them.
The Estate Plan
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