Articles

Probate

Probate is the time during which an estate must go through the courts to be distributed among the heirs. Whether you have a will or not your estate must go through probate. There are many advantages, as well as disadvantages, to the probate process.

The reason that an estate must go through probate to be dispersed to the beneficiaries is simple: anything that is titled in a decedent’s name must go through the legal process of being transferred into the name of the person that is inheriting that property. This is why, even with a will, assets must go through probate to be distributed.

Probate can cost quite a bit, and it can be a very lengthy process. How long the probate process will take depends on many factors. This can include the size and detail of the estate, where it is taking place, whether there are any creditors involved, and whether there are any objections to the will.

If there is no will, probate becomes even more complicated. The state must then decide who the beneficiaries will be and what they will receive. Not all assets must go through probate, though. There are some assets that are considered exempt, and assets that are in a living trust do not have to go through probate.

This happens because the assets within a living trust are owned by the trust. This means that no name changes need to take place, therefore the probate process is eliminated. Many people try to avoid probate due to the cost, length of time, and stress involved. There are a few successful ways of doing this, namely creating living trusts.

To learn more about probate, its purpose and how it works, as well as how to avoid it, click on the links below:

State Probate Laws
Each state has its own probate laws and these can vary greatly. Learn here why this matters.

Assets That Go Through Probate
There are certain assets that must go through probate without a living trust. Learn here what these assets are, and why they must go through probate.

Intestate Succession
Since states each have their own laws regarding probate, they created the Intestate Succession. Learn what this means and who it affects here.

Avoid Probate Court
Learn why you may want to avoid probate court and how to accomplish this goal.

Probate Codes Vary
There can be a big variation in probate codes depending on where you live. Learn how to be informed about the codes in your area and how they can affect you.

Wills And Probate
Here you will see how wills can affect the probate process and how probate court can affect a will.

Probate Without A Will
Without a will, the court gets to decide everything for the deceased without their input. Learn how this works here.

Probate Cost
Depending on the estate size, probate can get rather costly. Find out here exactly how much probate could end up costing you or your loved ones.

The Probate Process
See an overview of how the whole probate process works and what it does.

Creditors And Probate
Learn what happens when the decedent leaves debt, whether the beneficiaries are responsible for that debt, and what happens when there is not enough money in the estate to cover debts.