What is Probate?
Author: James A. Miller, Estate Planning Attorney / Category: Probate / Posted: 01 Sep 2010If you’re just getting started on your estate plan, you may be wondering what probate is and why there seems to be such a big fuss about avoiding it.
Probate is the court process of having a deceased person’s Will declared valid and having their property distributed according to the instructions in the Will and according to state law. Depending on the size of a person’s estate and whether or not any disputes arise during the process, probate can take anywhere from several months to several years.
While the estate of a deceased person is in probate, his or her property is generally not accessible to the heirs of his or her estate. It’s only after all the debts and taxes owed by the estate are paid off, and the court permits it, that the remaining estate property can be distributed to family members or other beneficiaries.
Because of the time and legal fees involved in the probate process, many people choose to plan their estates so that they can avoid the process. There are a number of methods for doing this, including establishing a Revocable Living Trust, owning property as Joint Tenants With Rights of Survivorship, and taking advantage of payable on death accounts.
There are some advantages to the probate process that can benefit people in certain situations. In order to be truly beneficial, your estate plan should be tailored to your specific circumstances. For guidance as to which estate planning methods are best for you, consult with an estate planning attorney.
The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.
Tags: avoiding probate, Probate
