Estate Planning as a Career

There are various types of probate. The process can either be a simple inexpensive process or a long, drawn out and costly one. Informal probate is often the preferred method for a simple and straight forward distribution of monetary assets and property. Formal probate is the type which most individuals think of and despise and is almost always a last resort, especially when the deceased has neglected to leave a last will and testament. There are distinct differences through which many qualified attorneys can guide the grieving family members.

The use of the word informal may sound misleading. Despite having no immediate judicial involvement with informal procedures, filings are still required with the courts. Providing no disputes arise, the courts will leave well enough alone. The executor will then distribute any and all assets as is dictated in the will. This is by far the simplest and least expensive of determining inheritance, but is not always an option.

A few reasons the informal probate process can not be followed is if there are excessive debts, disputes between heirs, no heirs, minors, or special needs individuals. There are many more complexities and reasons to proceed with formal means. Again, consulting a lawyer specializing in wills, trusts, and special needs individuals is always a wise course of action. If not before hand in the planning stages; then after an individual has passed on.

Formal probate is wholly supervised by the courts. This can and often is an expensive and tedious method for carrying out the will of the deceased. If there minors or individuals with special needs or disabilities, formal proceedings may be necessary to ensure that the best interests of said individuals are guaranteed or at least set into motion. Reliance upon the courts to do what is in the “best interests” of the individual should (more…)