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Life Insurance Myth Buster...Probate is better!

Probate not life insurance will protect your loved ones from being personally responsible for your final bills and expenses.  Have you seen those life insurance policy commercials that say you need to purchase life insurance so your loved ones can pay your final expenses?  Those commercials are not exactly truthful.  Proper estate planning and/or a formal probate administration is the better solution to better protect your loved ones from your financial burden. 

Probate administration provides for protection that a life insurance policy does not.  While your loved ones may sign a contract to be responsible for the payment of funeral expenses, they are not required to pay your final creditors.  Only your estate (property you own at death) is liable for payment of your debt after your death.  Creditors only get 90 days to file a claim against your estate once a probate administration has opened.  After that the creditors are forever barred from trying to collect a debt.  However, if you do not open a formal probate administration, creditors can come after your loved ones for two years seeking payment.

Contacting an estate planning attorney to prepare or update your estate planning documents while you are still alive can protect your children and chosen beneficiaries more than a life insurance policy can.

If your loved one has recently passed with or without a will, a formal probate administration can greatly reduce your personal liability.  Our attorneys can assist you with this process.  

If you would like to make sure your estate plan is up-to-date and it will protect your loved ones from feeling they must pay all your final expenses and bills, please contact our office for more information and a free consultation.  We have two offices - Orlando and Clermont - to better serve your needs throughout Central Florida. 

In the alternative, if you have a loved one who has recently passed away and you feel overwhelmed and not sure what to do next, call one of our offices for a free initial consultation.  Both of our attorneys are happy to meet with you and relieve some of the stress you are feeling.  We can provide helpful information to protect your loved one's assets and yours!

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Clermont, FL 34711

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