Estate Law Firm Gilbert, AZ
Those who are unsure what probate is often get help from a lawyer at The Citadel Law Firm, a dependable Estate Law Firm in Gilbert, AZ. Probate is the legal process in which a will is proved to be valid in court. The person named as executor has to file paperwork in probate court and presents information to the judge about the deceased’s property, debts, and who inherits what assets. Although the process has been around for many years, there are still many misconceptions about it.
Here are some of the most common myths about probate that an Estate Planning Lawyer Gilbert, AZ has heard before:
Probate Costs Will Deplete an Estate’s Assets
Many people have the false belief that their heirs will be left with nothing once the probate process is over. While debts and other fees have to be paid before heirs receive their inheritances, these costs are almost always less than 5% of the total value of the estate.
Probate Can Take Years to Complete
Another reason why some people fear probate is that they think the process takes several years. However, those who get probate help from our AZ Estate Law Firm in Gilbert, usually don’t take more than a year to resolve. The most common thing that delays the process are claims from creditors. Some states give creditors more than a year to submit claims against an estate. Family disputes and complicated estates can also delay the probate process.
Having a Will Helps You Avoid Probate
A will allows you to list your last wishes, specify which heirs will receive which assets and appoint a guardian for your minor children. However, simply having a will doesn’t mean that you will automatically avoid the probate process.
The State Takes Everything If You Die Without a Will
Fortunately, this is a myth. If you die without a proper will in place, the state will pass on your assets to your closest living next of kin. That could be your spouse, children, grandchildren and so forth. If you didn’t have any living relatives, however, the state would get your assets. This doesn’t mean that you shouldn’t have a valid will. The legal document allows you to control who receives your assets and prevent them from getting into the wrong hands. The lawyers from our Gilbert Estate Law Firm can help you create a will if you don’t already have one.
The Oldest Child Has to Be the Executor
While you can choose to appoint your oldest child as the executor of your will, you certainly don’t have to. Being an executor is a very big responsibility, so the lawyers from our Gilbert Estate Law Firm in AZ suggest selecting the person you know can handle the job. The person you choose should be responsible, financially sound, trustworthy and communicative. You should also make sure the person you want to appoint as executor is up for the task.