What are the advantages of probate?
If you hire a skilled probate lawyer Memphis TN trusts to assist with probate, it can be quite beneficial to your beneficiaries. During this court-supervised process, the executor of your will gathers your assets and distributes them to your heirs. Let’s take a look at some of the advantages of probate:
Heirs Can Challenge the Will
Wills sometimes include mistakes that may negatively affect heirs. Luckily, probate allows heirs the opportunity to challenge a will in situations like these. If they believe there is a mistake in the will, they have the right to file a claim against the estate. One of the most common reasons for challenging a will is testamentary capacity. In order for a will to be valid, the person who created it must have the mental capacity to do so. A probate lawyer Memphis TN respects may have represented heirs who have challenged wills because the person who created it suffered from dementia or another illness at the time.
Creditors Have a Limited Time to File Claims
At the time of a person’s death, the executor of the will has to notify creditors so that they have enough time to submit claims. Creditors who wish to collect debts from the decedent have to do it within a certain timeframe. A Memphis probate lawyer may have represented clients who didn’t have to pay their deceased family member’s death because the creditors failed to file claims on time.
Creditor Claims Can Be Challenged
The deceased person’s family members are allowed to challenge creditor claims they believe aren’t valid. Creditors may try to collect debts that the deceased person doesn’t actually owe. Clients might hire a probate lawyer in Memphis TN to help them avoid paying unnecessary debts by bringing creditors to court and proving their claims invalid.
Guardianship Wishes Are Honored
People with minor children want to make sure their children will be taken care of by the right person if they die. When drafting a will, individuals are allowed to name the person they want to take care of their minor children. As a probate lawyer Memphis TN counts on might attest, in most cases, the probate court honors designation of guardianship. Typically, the only time a court doesn’t grant guardianship wishes is if there’s evidence that the appointed guardian is unfit to take care of children. In those rare circumstances, the court appoints guardianship to someone better suited.
Transferring Assets Is Easier
Probate alternatives, like a living trust, can make transferring assets more difficult. Some assets, like recent lawsuit awards, can get overlooked and not get transferred to the trust. A will, however, ensures that assets are transferred to the designated beneficiaries.
Contact a Probate Lawyer Memphis TN Residents Depend On
The probate process can get overwhelming at times, so it is important to have a skilled lawyer by your side. For more information, or to schedule a case evaluation with a probate lawyer Memphis TN has to offer, contact Wiseman Bray at 901-372-5003.