Formal Or Informal Probate - Which One Will You Choose?

One of the few things in life that are guaranteed is that sooner or later you are going to die. When you do so, someone who is left behind will have to pass on your belongings. If you have a large estate, this process is normally referred to as probate, and whether it will be a formal or informal process will depend on how you have arranged things during your lifetime. Taking the necessary steps now may save your heirs time, money, and headache after your demise.

What Is The Formal Probate Process?

During the formal probate process, the executor of your estate along with a probate attorney will file papers in front of the court. These forms will normally include:

  • Your last will and testament
  • An inventory of your property and possessions
  • Your outstanding debts and taxes
  • A listing of your heirs

Along with these documents, they would provide any other information that would have bearing on the settling of your estate. At this point, decisions will be made that will decide how to best grant your wishes and the division of your estate.

For example: If your will outlines a number of cash bequests that you want made to your heirs, but your estate only includes multiple pieces of property, this property will have to be appraised and sold prior to any cash being distributed.

The same process would have to take place if you have a large amount of outstanding debt, but your estate does not have the liquid cash resources to pay off this debt. Other assets within your estate would have to be sold in order to settle your debts.

What Is The Informal Probate Process?

The informal probate process can be very similar in nature to the formal process, but it usually involves a lot less court involvement. This is not used by all states and can only be used if there is a valid will in place that addresses all of the property that is contained within the estate.

In most states, you would still have to file the forms listed above with the probate department, but that is where the similarities end. The person that you have named as the executor of your estate, or one that have been appointed by the court if none have been named, would be able to distribute your estate. They would do this based on the instructions contained within your will and would not need any direction from the court. 

If you are able to engage in informal probate the process normally goes by much faster and is not as costly as a formal probate process can be. It is advisable that in either situation, your estate administrator or executor consult a probate attorney to ensure that all the requirements have been met in order for your estate to be disposed of.

For a probate attorney, contact a law firm such as Moore, O'Connell & Refling PC


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