subject: Three Benefits Of Probate [print this page] Certainly you have heard about or read the reasons for avoiding probate, which is the legal process of settling an estate. But were you aware of any benefits that probate may actually offer to some estates?
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Certainly you have heard about or read the reasons for avoiding probate, which is the legal process of settling an estate. But were you aware of any benefits that probate may actually offer to some estates? Three such benefits are discussed below:
1.Family Allowance
When an estate is administrated in probate court, the surviving spouse and minor children of the deceased are entitled to a reasonable allowance during the period of the administration of the estate. In an estate that has more bills to pay than money to pay them with, the family allowance can divert money from the creditors of the deceased to the surviving spouse and dependent children.
2.Unknown Creditors
For estates that may have unknown creditors, probate can actually be beneficial, as creditors must present their claims within a certain time period after a public notice is placed. If the claim is not made within this timeframe and the estate is closed, the creditor cannot recoup their claim from the estate.
3.Oversight
The probate process provides oversight to the administration of an estate. It offers the assurance that all the actions and accountings of the executor will be reviewed and approved by the probate court.
While avoiding probate by using estate planning tools is certainly advantageous for many estates, there are some estates that may actually receive a benefit from the probate process. In fact, with a comprehensive estate plan in place, the probate process can run more smoothly, quickly and effectively.
