How to Avoid Probate


August 14, 2020

How to Avoid Probate

August 14, 2020

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As you may know, probate is the legal process of “proving” a will after someone’s passing. Often times this process can take months, even years to resolve or conclude. Once probate begins after a person dies, that person’s assets become part of his or her estate unless those assets were co-owned by someone else, such as a spouse. How those assets are distributed to the decedent’s loved ones is a significant part of probate.

If the decedent left a will, then it goes before a probate judge who determines its legality. While the will directs probate, its terms can be contested.  If the decedent did not leave a will, he or she is considered to have died intestate (a person who has died without having made a will) and the court will determine the rightful heirs of the decedent’s estate.

Steps in how probate works include the executor or administrator conducting the following tasks:

  1. Getting the death certificate
  2. Petitioning the court to become executor or administrator
  3. Identifying assets
  4. Paying debts, taxes, and other expenses
  5. Notifying beneficiaries and distributing assets

 

Costs of Probate Court

Typically probate can cost from 3% to 7% or more of the total estate value. That being said, a good will can save your loved ones thousands of dollars in costs, including attorney’s fees and filing fees.

 

To find out more, watch the video below from Liberty Group’s Chairman & Founder, David Hollander, Esq., as he shares ways to avoid what can be considered an expensive headache.

 

 

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