A person’s personal finances can get rather complicated. When a loved one dies, the estate may find itself in probate. When does an estate go into probate? And what happens when a loved one’s estate goes to a Probate Lawyer in Boca Raton, FL?
What Is Probate
Qualifying assets of an estate will need to go through probate court before they can be dispersed among the beneficiaries. The executor of the estate will collect all financial information related to the estate and pay off any debts owed by the estate. Once all debts of the estate are paid off, a judge will approve the release of funds to the beneficiaries
Not all estates go into probate. Probate is generally reserved for estates worth a certain amount of money not already bestowed to someone else or estates with complex finances.
Advantages and Disadvantages of Probate
There are several good reasons for an estate to go into probate. Probate ensures that the deceased’s estate is properly managed according to the law and their last verified will.
However, probate can take a lot of time and money. There are fees associated with filing the necessary paperwork through probate court. You may also need to hire a probate lawyer in Boca Raton, FL if you have legal questions. Failure to fill out the paperwork correctly or making mistakes can prolong the process There are several costs associated with maintaining the estate’s assets while waiting for the estate to complete probate.
If you need a probate lawyer in Boca Raton, FL, schedule a consultation with Loughlin Law, P.A. at https://loughlinlawpa.com.
