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Can it be beneficial to go through probate?

On Behalf of | Apr 9, 2024 | Probate |

You probably have heard that probate is something you should try to avoid as much as possible. Probate can indeed turn into a lengthy process and involve court challenges from would-be heirs, but many people not only go through probate without a problem but even benefit from it.

Depending on your situation, you might find that having a Florida court oversee the distribution of your property will be a positive development.

Handling your debt

If you fear you will die while still holding a lot of debt, letting your estate go through probate can create legal standards to help process creditor claims. In the event your estate lacks enough money to pay all your creditors, a court will determine what creditors will receive.

If your estate can pay your creditors and have enough left over for heirs, probate may help if an unknown creditor resurfaces later. Probate limits the time a creditor has to file a claim against your estate. If a creditor shows up after the end of probate, the creditor may have little recourse to go after your heirs or your executor for payment.

Creating oversight over your estate

Some people bypass probate with trusts and beneficiary designations so they can keep their asset distribution private. However, you might want public disclosure of your assets and the supervision of a court to ensure the fulfillment of your estate wishes.

Through probate, the assets and debts of your estate must be public record, as well as any estate money spent by the executor of the estate. Also, a probate judge must approve the dispersal of your estate to your heirs. The public nature of probate might also ward off disgruntled heirs who have no desire to get into a public contest over your assets.

Even if you are wary of probate for your estate, Florida also allows for quicker, simplified probate through summary administration if you have a smaller estate. This gives you another option to explore. Using probate to your advantage is possible, but your circumstances should allow for it.