It is easy to procrastinate the completion of your estate plan, however, most people experience a piece of mind when they complete their estate plan. People have spent their entire lifetime amassing assets and in order to protect these assets a full and complete estate plan is necessary. For a majority of families when a loved one passes away the family must go through a process called probate administration. Probate court pertains to the dealings of the property and debts of someone who has passed away. Specifically, probate court ensures that the deceased person has paid all their debts and that the remaining property is distributed correctly to the beneficiaries outlined in the deceased’s will.
Testate Vs. Intestate: What’s the Difference?
When a person passes away with a valid will, they are referred to as dying “testate.” Testate is the term used to describe that the deceased had a valid will at the time of passing. On the contrary, a person passes away “intestate” when they do not have a valid will in place at the time of their death. You want to make sure you have your will in writing and signed and accessible to your family members in the event of an unexpected death. Having a will makes it much simpler to settle your estate and property when you pass.
Payment of Debts Vs. Inheritance
Another important part of probate administration is whether or not your surviving family members will be responsible for your debts. Many people worry that if the deceased’s debts are larger than the assets left behind, then they will have to inherit the debt. The issue of payment of debts versus receiving an inheritance often varies depending on the facts of each case and being represented by an attorney that is a seasoned probate administration attorney can save thousand’s of dollars. Individual state laws, and that’s why having a seasoned Dayton probate administration attorney is crucial when dealing with these discrepancies. An experienced and knowledgeable probate attorney can advise you and your family on method’s to take to save assets for an inheritance instead of paying the debts.
There is no easy way to cope with the death of a loved one, but when William Miller represents your interests in probate court, you can rest assured that he will help you achieve the most favorable outcome possible for you and your loved ones. If you are aging and want to ensure your loved ones are taken care of when you pass away, contact William to assist with probate process so that you can obtain peace of mind.