Are There Benefits to Probate?
While probate can be a highly involved undertaking, it was designed to protect creditors and beneficiaries from the harmful actions of dishonest or inexperienced executors and administrators. If you are a beneficiary who is anxious to receive an inheritance or property, you can take comfort in knowing that the courts will closely monitor the personal representative's actions in order to ensure that you receive what you are entitled to. If you were appointed an executor or administrator of an estate, you can be glad that the state has created a blueprint for you to follow during the administration process.
Some of the benefits of probate include:
- Debts and taxes will be paid
- The entire process will be supervised by the court
- Beneficiaries will be notified of probate proceedings
- Fiduciaries (executors or administrators) are held to the highest standards of fiduciary duty
- If there is a will contest, there is a forum to address a dispute
- If the executor or administrator engages in self-dealing, they can be held liable
- If an executor fails in their duties, the beneficiaries can petition for their removal
- All loose ends are wrapped up
- Close supervision of the personal representative
- Forum for dispute resolution
- Time limitation for creditors' claims
In many instances, knowing that the distribution of one's estate will be closely supervised by the court is comforting, especially when there is a fear of family disputes or concern that the beneficiaries' assets will be mismanaged for any reason.
Contact Us Today
If you were appointed as an executor or an administrator, you have a large responsibility on your shoulders and you should not proceed without legal representation. Probate is a complex process and something very easy for a seasoned attorney can be very confusing for the average person.
Since a personal representative can be held legally and financially responsible for any mishandling of an estate, you should protect your interests by seeking help. We can inform you of your rights and responsibilities, and navigate you through the probate process so you can perform your duties as seamlessly and efficiently as possible.
Contact our probate firm to schedule a consultation with Attorney Nick Yonano regarding your case!