The probate process is a safeguard to your estate. If you are departed and there is no one to execute your succession on your behalf, then the probate sees to it that things are done according to your desires.
It is a process that is handled by an impartial court so that they can look out for the interests of the family and any person that you owe money to.
During the process, the will that you have written is presented to the court. The role of this court is to make sure the will is genuine and was properly drafted. Using the stipulations of the law, the court determines who is supposed to inherit the estate and in which fractions.
Your property is appraised and everything you have listed down. All your loved ones are informed and creditors told to lay claims if they have any. If any exist, the creditors make claims which are paid. Finally, the estate is distributed among your beneficiaries.
It is a good idea to avoid going to probate, for many reasons:
- It is expensive
- It takes a lot of time
- it exposes you to the public eye
As much as this step is recommenced for many people, there are a few things that probate won’t do for you. Let us look at these things that probate won’t do for you.