Thursday, December 18, 2008

Exactly what is Probate?

In the last few decades a lot of information on probate has become widely available. Although I think in general, an increase in public information is a positive development, the benefit is obviously dependent on the accuracy of the information. The probate process is really three-fold. First you gather the assets. Second you determine the debts. And third you distribute the estate according to the law. It really is a very systematic method to transfer property to heirs. For me it is also rewarding legal work. Often I drafted the will and knew the decedent well. So though the family is grieving I like that I am able to personally relate to the family and serve as a helper in the process. Probate does take a while. I think that is the complaint I hear most often. But one of the main reasons it takes a few months to resolve is to make sure the heirs actually know for sure what the assets and debts are. If you don’t have a will, please consider having one drafted to make sure your wishes are known and followed.

No comments: