Probate is a legal process that ensures asset distribution and debt payment as a person specifies in a will. If one dies without a will, the court must still oversee asset distribution in accordance with state intestacy statutes. Read on for a brief explanation of some of the issues surrounding probate proceedings.
Problems With Probate
Probate proceedings are time-consuming and expensive. To complicate matters further, those who own property in multiple states may be forced to hold hearings in each state. Probate can take up to two years, and during part of the time, assets are untouchable by beneficiaries. Expenditures are listed in an account, and if the estate is large, account drafting is expensive.
Families Lack Control and Privacy
Probate proceedings are a matter of public record. All involved parties must receive notice of the process, and they can see the estate’s debts and assets. Attorneys often search records, find lost heirs and represent them for a percentage.
Does Joint Ownership Help Heirs to Avoid Probate?
Some people believe that adding a loved one’s name to an account will keep it out of probate, but that just isn’t true. It doesn’t work for singles, and it can preclude people from certain government benefits. If both account holders pass on at the same time, the asset must go through probate. Adding co-owners means that control is lost, and heirs sometimes find their inheritances depleted by creditor claims.
If One is Incapacitated and Cannot Handle Their Affairs
Even those who have wills may have an estate subject to probate rules. Wills only take effect after death, and illness or incapacity can take multiple forms. Here, the court must get involved, and they will stay that way. In probate, the court-;not the family-;oversees asset distribution and care management. The process can be costly and devastating to families, and even those with a Probate Lawyer in Silverdale WA find it difficult to terminate the court’s oversight in the event of a recovery.
To Avoid Probate
With careful planning, proper documentation and the help of a Probate Lawyer in Silverdale Wa, it may be possible to keep an estate out of probate. Every case is unique, but all should start with a healthcare proxy and a power of attorney to avoid conservatorship hassles.
