When people pass away, their assets will end up in someone's hands. The question is, whose? Probate is the process through which deceased individuals' estates are distributed to other parties based on the instructions provided in the deceased's estate plans, or according to state law if the deceased left behind no estate plans. Here is a look at what the probate administration process involves, as well as the pros and cons of this legal process in Florida.
The probate process features multiple components, including proving that an existing will is valid, as well as choosing a person to serve as the administrator of the deceased's estate. It also involves totaling the estate's assets as well as paying all debts and estate taxes. Identifying heirs is yet another important probate step.
Probate's negative aspects are that it can be expensive and time consuming. However, a positive aspect of this legal process is that it is formal, so it usually provides the family of the deceased with some certainty regarding where the benefactor's assets should go. In addition, if family members have any questions about whether the deceased's will is indeed valid, or how much a certain asset is worth, they can find the answers to their questions in probate.
Probate administration can understandably seem intimidating and confusing, especially for those who have never been exposed to the process before. This is especially the case for those whose loved ones have left behind estates that look complicated due to their size, the types of assets they feature or the quantity of possible heirs. Fortunately, an attorney can provide guidance with successfully navigating this process in Florida.