Posted by Bach & Jacobs, P.A. - Sarasota, FL
Probate can be a good option for those who do not want to spend money during their lifetime on legal fees to prepare Trust documents. Allowing an estate to go through probate would instead cause the cost of distributing the estate to come out of the heirs' inheritances.
Probate is also a good option if the deceased is owed assets or payments at the time of death. Probate may be necessary in this situation for the Personal Representative to collect on behalf of the estate. Some examples of cases in which this is useful is when a promissory note is payable to the deceased, an inheritance due was not paid to the deceased prior to death, or in the situation of a personal injury claim if the estate has a wrongful death or other suit against the party that caused the death.
If the deceased has unresolved tax debts with the IRS or another taxing authority, probate allows the Personal Representative the chance to negotiate and attempt to reduce or resolve the tax debt.
Lastly, probate can sometime benefit the family by having the court oversee and make decisions in abnormally complex family situations or disputes.
If you have questions about probate, contact one of our experienced estate planning attorneys at (941) 906-1231 to review your individual needs and receive personalized recommendations.
This article was posted in MyBlog
, Probate Law
and tagged with elder law
, Estate Planning