Many critics exaggerate the “horrors” of probate, and encourage people to avoid probate at all costs. We believe that structuring an estate plan to avoid probate can be helpful for many clients, but should not be an all-consuming goal. This goal should be balanced against others.
Yes. By structuring your assets in certain ways, probate can be avoided. Probate is generally only required for assets held in a person’s own name. If you establish a living trust, and place your assets in that trust, those assets will not be subject to probate. Also, assets held in a person’s own name, but [...]
Probate generally has the reputation as something to be avoided, if possible. This reputation has come about for several reasons: Fees. Every stage of the probate process—from opening the estate, to filing an inventory, to filing accountings—comes with a fee, payable to the court. Taken individually, these fees are fairly nominal, but they can add [...]
Although this can vary greatly depending on the nature of the estate, the probate process generally contains the following elements: A person (often someone named in the will) appears before the court and is officially appointed Personal Representative of the estate The Personal Representative “opens the estate” by filing the original will or verifying that [...]
Probate is a process in which a local court supervises the administration of a person’s estate, to make sure that assets are handled and distributed according to the state’s laws. Estates are typically probated in the jurisdiction where the person lived, or owned property.
Estate administration is the process of handling the affairs of a person who has died. Depending on the estate, this can involve many different types of tasks. Typical estate administration duties include paying debts, filing tax returns, filing court documents, re-titling accounts, selling assets, and distributing assets to beneficiaries.