3 Benefits of Settling an Estate Through Probate
When a loved one has passed, the process of grieving begins. However, the process of executing their will, should they have one, and settling their estate has also begun. Choosing how to handle the financial resources left behind depends mostly on the complexity of the will and the number or size of assets. There are benefits of probating a will and while this process is just one available option, it may be the best in your case.
Limited Time for Creditor Claims
Once someone has passed, there is a small window of time when creditors can make a claim against the estate to have the debt paid. In Georgia, a notice of the death must appear in a local newspaper within 60 days. The creditors then have 90 days from the date the notice was printed to request payment for the debt.
Fair Distribution of Assets
Probate is often recommended if there are disagreements between the heirs or other beneficiaries noted in the will. A personal representative, or PR, is assigned if an executor is not named. It is the PR’s responsibility to find and report all assets, even if they were not mentioned in the will. Based on the expressed wishes of the person who has passed, these assets are then distributed with oversight from the court.
Reduce the Burden on Family
When one person is responsible for finding and distributing financial assets, it can make it much easier for the rest of the family. However, an executor may not be named in a will, or the person who is named may not be able to take on the stressful role of the personal representative. It is possible to hire an objective third party to act as a personal representative.
If there are disputes about the validity of a will or how it should be followed, an experienced probate attorney may be able to help. Turner Law may also be able to act as a personal representative, taking on the legal and financial responsibilities. For a free phone consultation, call Turner Law today at (404) 377-6941.
Posted on the behalf of Turner Law, LLC