Problems With Probate
What is Probate?
Probate is the legal process that wraps up a person’s legal and financial affairs after their death. During the probate process, property is identified and given a value. Outstanding debts and taxes are paid. It can be a complex process filled with very specific legal requirements.
If a person dies with a valid Will, the probate court must ensure that the person’s assets are distributed according to their wishes.
If a person dies without a Will, the probate court sees that the person’s assets are distributed according to the laws of the State.
Probate can take a long time – form months to more than a year.
Probate can be expensive. The attorney fees are usually calculated on the value of the estate, but legal costs can rise if there is real estate to be sold, the will is contested, or for a variety of other reasons.
Probate is public. The Will, Inventory, and other documents are filed in a public court. Many of these documents can be viewed by the public.
- Assets can be structured so they may not have to go through probate in order to be distributed to your beneficiaries. Here are some of the ways:
- Jointly held property
- Death benefits from life insurance
- Retirement accounts with a named beneficiary
- Assets with a payable on death designation
- Property held in Trust
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.