To draft an estate plan is complex. You have to decide what type of plan works best for your assets and what you plan to leave behind. For some people, a simple will is enough. Whereas for others, a living trust is necessary. Is it ever a good idea to have a will? Some would say that you should avoid probate at all costs. Here are three reasons to go through probate with the assistance of an estate planning lawyer in Lafayette, LA, such as from Theus Law Offices.
Probate Ensures Your Wishes Are Carried Out
The point of probate is to make sure that all of your wishes are carried out. Probate is supposed to legally distribute all of your property in the way that you wanted the property to be distributed. The court is supposed to ensure that all of your wishes are honored. If you are worried that someone is going to try to dispute your will or argue with the other heirs, then the probate process can deal with this. The court can make sure that he or she does not end up with a disproportionate inheritance.
Probate Can Handle Creditors
Probate aids the estate in fending off creditors. Creditors have a time limit that they have to follow to make claims against the estate. If the creditor does not claim within a few months of an executor being appointed, according to state law, then the creditor forfeits the claim. When your beneficiaries do not go through the probate process, they may have to deal with creditors for years.
Probate Does not Take Years
One big misconception is that probate takes too long. While probate does take time, it does not take years. In most cases, probate lasts a few months. Most beneficiaries receive their inheritance within four to eight months after the probate process begins. Some states have rules that can make probate go even faster. If you have a modest estate, the probate process may be even quicker. Large or complicated estates tend to last longer when going through probate. For instance, those who continue to earn income after they die may have a complex estate.
Probate is not always as bad as it sounds. It is up to you to decide whether you want your estate to go through probate or if you would rather avoid it with a living will. There are pros and cons to each, but for a better understanding of wills and trusts, contact an estate planning lawyer to go through your options.