What Are Some Common Misconceptions Regarding Probate? 

 Posted on February 21, 2023 in Estate Planning and Probate

Probate is the legal process that settles an estate of someone dies. The process involves the court-supervised distribution of the deceased person’s assets and the payment of their debts and taxes. It also helps to determine the validity of the deceased person’s will, identify their assets and liabilities, and pay any outstanding debts and taxes. When a will is present, probate aids in the distribution of remaining assets to the heirs or beneficiaries as specified. 

The process can be rife with stress, particularly as family members try to balance the grief of their loved one’s death with the necessity of taking care of the deceased person’s estate. Today, we are going to review common misconceptions surrounding probate so that you understand the facts surrounding the process. If you ever need estate planning or probate assistance, contact an attorney who can guide you through the process while protecting your rights. 

Common Probate Misconceptions

The following are some of the most common misconceptions regarding probate:

• All assets have to go through probate – One of the most common misconceptions about probate is that all assets must be addressed. In reality, only assets solely owned by the deceased and which did not have a designated beneficiary or joint owner must go through probate. Assets such as life insurance policies and retirement accounts with named beneficiaries are not subject to probate. 

• Probate is always a long and expensive process – While probate can be time-consuming and costly, that is not always the case. The length and cost of probate depend on several factors, including the complexity of the estate and whether there are any disputes among beneficiaries. In some cases, probate can be completed relatively quickly and inexpensively. 

• A will is not necessary during probate – While a will is a beneficial tool, it does not necessarily mean that probate can be avoided. Instead, a will serves as a guide for the probate court to distribute the deceased’s assets according to their wishes. 

• Probate is only necessary for large estates – Some people believe that probate is only essential for large estates. However, the size of the estate is not the determining factor in whether probate is necessary. As previously stated, any assets solely owned by the deceased without a designated beneficiary or joint owner must go through probate.

Contact a Bexar County Probate Attorney

Contact the skillful Comal County probate lawyers with Geoff Mayfield, Attorney at Law if you are looking for guidance through the probate process. Call 210-535-0870 for a free consultation.

Source: 

https://guides.sll.texas.gov/probate