Probate Benefits
April 27, 2012 By Law Offices of Richard B. Schneider, LLC
Certainly you have heard about or read the reasons for avoiding probate, which is the legal process of ‘settling’ an estate. But were you aware of any benefits that probate may actually offer to some estates? Certainly you have heard about or read the reasons for avoiding probate, which is the legal process of ‘settling’ an estate.
But were you aware of any benefits that probate may actually offer to some estates? Three such benefits are discussed below:
1. Family Allowance
When an estate is administrated in probate court, the surviving spouse and minor children of the deceased are entitled to a reasonable allowance during the period of the administration of the estate. In an estate that has more bills to pay than money to pay them with, the family allowance can divert money from the creditors of the deceased to the surviving spouse and dependent children.
2. Unknown Creditors
For estates that may have unknown creditors, probate can actually be beneficial, as creditors must present their claims within a certain time period after a public notice is placed. If the claim is not made within this timeframe and the estate is closed, the creditor cannot recoup their claim from the estate.
3. Oversight
The probate process provides oversight to the administration of an estate. It offers the assurance that all the actions and accountings of the executor will be reviewed and approved by the probate court.
While avoiding probate by using estate planning tools is certainly advantageous for many estates, there are some estates that may actually receive a benefit from the probate process. In fact, with a comprehensive estate plan in place, the probate process can run more smoothly, quickly and effectively.
ABOUT THE AUTHOR: Richard Schneider
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR.
Copyright Law Offices of Richard B. Schneider, LLC
More information about Law Offices of Richard B. Schneider, LLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
1. Family Allowance
When an estate is administrated in probate court, the surviving spouse and minor children of the deceased are entitled to a reasonable allowance during the period of the administration of the estate. In an estate that has more bills to pay than money to pay them with, the family allowance can divert money from the creditors of the deceased to the surviving spouse and dependent children.
2. Unknown Creditors
For estates that may have unknown creditors, probate can actually be beneficial, as creditors must present their claims within a certain time period after a public notice is placed. If the claim is not made within this timeframe and the estate is closed, the creditor cannot recoup their claim from the estate.
3. Oversight
The probate process provides oversight to the administration of an estate. It offers the assurance that all the actions and accountings of the executor will be reviewed and approved by the probate court.
While avoiding probate by using estate planning tools is certainly advantageous for many estates, there are some estates that may actually receive a benefit from the probate process. In fact, with a comprehensive estate plan in place, the probate process can run more smoothly, quickly and effectively.
ABOUT THE AUTHOR: Richard Schneider
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR.
Copyright Law Offices of Richard B. Schneider, LLC
More information about Law Offices of Richard B. Schneider, LLC
View all articles published by Law Offices of Richard B. Schneider, LLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
