The Advantages of Probate
The advantages of probate proceedings are:
- Court protection for the heirs and beneficiaries.
- Probate cuts off the claims of creditors after the four-month period following the issuance of letters testamentary. The personal representative must give notice to known creditors of the estate. A similar procedure exists for the revocable living trust.
- The transfer of title in a probate is a public record that prevents problems with title companies.
- Court supervision is available to answer questions and resolve disputes.
- The probate estate is a separate taxpayer and some tax savings may result.
- The costs of probate are deductible for income tax and death tax purposes, if properly planned.