Why is Probate Necessary?

The probate process is necessary because it provides a number of different functions for the estate of the deceased individual. Here are some of the important parts of the probate process.

Transfer Title

During the probate process, the executor of the will, will transfer all of the property of the deceased to someone else. Without this part of the process, all of the property would still be in the name of the deceased individual.

Collection of Taxes

Another critical part of the probate process is the collection of taxes. When you die, your estate might have to pay taxes to the federal government. If so, during the probate process, the appropriate amount taxes will be withheld from your estate. You will also have to pay property taxes and income taxes one last time. The money for the taxes has to be taken out before anything else can be distributed.

Paying Debts

In addition to paying the taxes that are owed, the executor of the will is also going to have to pay all of your outstanding debts. When you die, your debts do not simply go away. If you have the necessary assets to retire them, they will be deducted from your estate at this time.