How to choose between formal and informal probate?
Probate comes in two forms. Formal and informal. There are also two types: supervised and unsupervised.
Basically, the differences come in how much court involvement you want or need. Informal is the easiest and you want it all the time. But, there are reasons why you want to go formal.
If there is real estate in the probate estate, then you might want to go formal. If the will is lost or if you only have a copy (not the original) then you might want formal probate.
Can’t find the heirs? Probably need formal probate.
Was it a blended family? If there are kids from different relationships then its probably a good idea to do formal probate. The more chance that there might be a dispute or a fight then you should go formally.
It’s important to choose the right kind of probate. If you make a mistake then you might have to pay for it. With your own money. That’s right, the bills of the deceased can become your bills.
This is also possible if you don’t pass assets onto heirs correctly.