The process of transferring assets and property after a person’s passing can be a complex and sometimes contentious affair. Traditionally, probate has been the default mechanism for overseeing the distribution of assets, but there are alternatives, including the Heggstad Petition. These two approaches offer different paths for managing an estate, each with its advantages and considerations. In this blog, we’ll explore Heggstad Petitions and probate, comparing their characteristics and helping you determine which might be the right path for your situation.
Probate is a court-supervised process for administering a deceased person’s estate. Here are some key aspects of probate:
A Heggstad Petition is a legal tool used in cases where an asset was inadvertently left out of a living trust, but there is evidence suggesting that the asset should have been included. Here are key aspects of Heggstad Petitions:
The choice between a Heggstad Petition and probate depends on several factors:
Both Heggstad Petitions and probate serve distinct purposes in estate administration. Your choice should align with your specific circumstances, the nature of the omitted asset, your desire for privacy, and your willingness to navigate potential disputes. Consult with an experienced estate planning attorney to assess your situation and determine which path is the right one for you and your beneficiaries.
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