The Benefits of Probate
Learn from an Orange County Probate Attorney
When a person dies, their estate goes through a process known as
probate, which involves collecting a decedent's assets, liquidating liabilities,
paying necessary taxes, and
distributing assets/property to heirs. You may have heard that there are benefits to the
avoidance of probate. It is true that under certain circumstances you can save your estate
time and money by undertaking probate avoidance strategies.
In some situations, however, these strategies may lead to bitter conflicts
between relatives and possible additional legal difficulties. In these
latter situations the benefits of probate are well worth the extra expense
and effort involved. To understand your options and gain proper guidance,
we encourage you to reach out to an
Orange County probate attorney from our firm.
Are there any benefits to my will going through the probate court?
When you contemplate using probate to distribute your assets, you have
the security of knowing everything will be done as you direct. In your
will, you spell out exactly how the assets are to be disposed so that all relatives
are provided for. Your estate enjoys
asset protection because the executor has to post a bond. You also know that your heirs
will have a ready forum in the probate court should they have a grievance.
You can be certain the court will not let the assets be distributed until
creditors and tax authorities are paid. In fact, probate is considered
a viable option for estates that have many debts that cannot be easily
paid from the property left by a decedent.
Despite the benefits of probate, certain risks also exist. You may avoid
probate by putting assets in a trust with directions to a trustee on the
division of assets. The danger of this method is that it puts full control
of your assets to one person. This control may result in resentment and
conflict in the family. Should the designated person abuse the
trust by a breach of fiduciary responsibility there can be criminal investigations. Should
estate taxes not be paid, there may be
Work with an Experienced Orange County Probate Lawyer
Our firm can work closely with you to clearly present how probate may be
of benefit in your particular situation. Aware that cases vary on a unique
basis, our legal team always makes the extra effort to provide you with
the personalized and seasoned guidance you deserve. Should you choose
to work with P. Arnsen Blakely, you can trust that our
Orange County estate planning attorneys works vigilantly to ensure that your needs are met.
Contact our firm to learn about the ways in which probate may benefit your estate.