Probate is a process to execute the will of the decedent and distribute his/her assets. The executor of the will executes the probate process in a probate court. Many people have the misconception that preparing a will is only for the wealthy ones. Will is a legal document required by every family irrespective of their wealth.
Estate planning plays a vital role in securing your future as well as your family’s so, without an estate plan, it’s obvious to face problems while administering the assets after your death. Will is an essential aspect of estate planning. Estate planning doesn’t only involve the estates of the planner but many other things. A poor and a middle-class family also need an estate plan because estate planning doesn’t depend on the planner’s funds.
Even for a small bank account or a car, you need a will that can help to administer these estates after your death. Without a will, the court will interfere in the probation process. The court is unaware of the deceased’s intentions, leading to the transfer of estates to the wrong hands so, to avoid this, every family needs a will.
Probate through a will is a need of every family irrespective of their wealth. Some of the reasons are:
1. Probate For Blended Families
In a blended family, either one parent or both the parents have children from their first marriage. The distribution of the estate becomes complex after the death of one spouse. In most cases, the assets get transferred to the living spouse, who, in turn, becomes the sole owner of all the assets. He/she has the power to disinherit children of the dead spouse’s previous marriage if the relations are not cordial.
In a blended family, children from the deceased’s first marriage fear getting disinherited by the living spouse. This is why estate planning is a must in the case of blended families irrespective of their wealth. Estate planning can secure the inheritance of the deceased’s first marriage children. Thus, these children will get entitled to their share of the probate process.
2. Court Interference in the Probate Process
If the decedent had not made any will while he/she is alive, then the court gets all the authority on the deceased’s assets. The court initiates the probation process to distribute the assets of the dead. The court starts the probate without a will after some relative of the deceased files a petition in the court.
As Court takes all the charges to administer the estates of the deceased so they appoint a personal representative and authorize him/her to execute the distribution. In this case, the distribution is not done according to the deceased’s desires, as the court is unaware of his/her intends. This will lead to a transfer of assets to the wrong hand.
This is another reason that shows that estate planning is the need of the time, thus every family needs it, whether poor or rich.
3. Healthcare Power of Attorney
Healthcare power of attorney authorizes a person to take healthcare decisions for an individual. You can give this power to anyone who is intelligent enough to make your health decisions. The person should be trustworthy. The thought process of you and that person should match, so the decisions should be mutual.
This type of power of attorney comes into the scene when an individual becomes disable or mentally incompetent. Thus, the person with power of attorney takes all decisions on behalf of the disabled person.
Anyone can get disabled irrespective of their wealth, which is why probation is a needful process in every family.
4. Avoiding Confusion
After an individual’s death, many confusions and conflicts arise between his/her heirs and beneficiaries. Thus, an individual is always suggested to have a will prepared before he/she dies.
The will instructs about the intends of the decedent regarding the distribution of the assets after his/her death. The executor named in the will distributes the assets according to the will. This will prevent every conflict among the heirs and beneficiaries.
The probate process restricts conflicts among the heirs and beneficiaries so, decedent’s assets should always get administered through this process.
Estate planning is a need for every family so, every family, irrespective of their wealth, should have a will. Because this will help in the proper distribution of assets through the probate process. Probate ensures and guarantees a smooth administration of assets.