A will is a legal document that has to be considered carefully. Once you get to know the facts related to the probate of a will, it helps you in more than one aspect. A will is one of the most critical legal documents that demand serious consideration as it plays the role of a final testament. A will guarantees to fulfill your wishes and the care of all your loved ones even after your death.
Although Cherry Hill NJ Probate Lawyers are there to guide you on the process of probate, you should know what it is all about. Keep reading to know more.
Probate – What does it mean?
The term ‘probate’ means the process of proving the validity of a will. The term ‘probate’ has lost its conventional meaning and hence now it is applicable to the reference court and the procedure that is utilized for administering the estate to a decedent.
Probate is a public process
Whenever a person’s estate is required to go through the process of probate, the court filings related to the case are all public records. This will scare many people as they are concerned about the dirty politics of the family getting public. In most cases, this is not the case as there is no controversy within the family.
Taxes and debts never fade away
Don’t ever think that the taxes and debts of the decedent will fade away. All the assets owned by the decedent during the time of his death will become eligible for being used for repaying all delinquent taxes and debts. The personal representative will use the estate assets and pay all valid debts before the funds are distributed.
Fees involved in probate
Personal representative fees and attorney fees have to be paid from the estate in case the court approves payment from the estate of the individual. In case the court doesn’t approve payment of attorney fees from the estate, they can’t be paid from the estate. The remaining option is for the beneficiaries to agree that the fee is paid from the estate.
Therefore, avoiding probate is always a desirable goal that can save you a noteworthy amount of money and time. Discuss matters with an estate planning attorney about the best way to pass on your assets to the beneficiaries without probate.