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Attorneys Explain Probate Advantages and Disadvantages

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Real Estate Agent with eXp Realty SA531754000

Attorneys Explain Probate Advantages and Disadvantages on our AZ probate website. Many people dread even the thought of having to deal with probate. This stems from the idea that probate is a difficult and messy process.
Sure, probate is no picnic, but contrary to this belief, it may be a desirable choice under certain situations. In this article, Arizona’s top-notch attorneys explain probate both sides of the coin – the benefits and disadvantages.
But first – what actually is probate?
According to John Cunningham at AZProbateAgent.com, probate is a “court-supervised” administration of a deceased person’s estate. Typically, a court proceeding is held in order to appoint a personal representative of the decedent’s estate. If not contested, an entire probate process can last between 5 and 6 months; otherwise, it will take 9 – 18 months.
What Are The Advantages Of Probate?
Stay tuned as attorneys explain probate top 3 benefits.
#1: Forget about the Creditors (after 90 days)
“Once the probate is in motion, creditors have a 90-day window to file a claim,” continues John. That is right – when the 90 days elapse and the creditors have not made any move, they are simply closed out. By comparison, creditors have up to two years to put in a claim when the decedent’s estate is held in a living trust.
#2: You Can Contest Creditors’ Claims in Court
Another no-brainer benefit of probate is that the executor of the estate can challenge the authenticity of any claim filed by a creditor in court. If you think a creditor is trying to make a wrongful claim against decedent’s estate, you have the ability to stop him or her in court. That is not possible outside of probate.
#3: It’s Easy to Distribute Assets Legally under Probate
There are circumstances in which heirs doesn’t seem to agree on how to share deceased’s assets, presenting a huge challenge for the personal representative. But with probate, an executor has the blessing of the court to distribute assets to the heirs based on the Will or Arizona intestacy laws.
Attorneys Explain Probate Disadvantages
#1. Lack of Privacy
Death in the family is always a tricky situation. To add insult to injury, the entire probate process is a completely open court proceeding. That means you cannot keep your estate matters private since anyone interested can attend these public proceedings and even access your probate records.
#2. Probate Can Last Too Long
Again, if a probate is contested, it can last way over one year. That is too long for some people.
#3. It can be Expensive
From legal fees to accounting charges to court fees to appraisal fees and everything in-between, probate expenses can add up quickly.

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