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:
- Getting the death certificate
- Petitioning the court to become executor or administrator
- Identifying assets
- Paying debts, taxes, and other expenses
- 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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