An Overview of Probate

What Happens in Probate?

The first step in probate is producing and validating the will. It is also useful to contact family members and other heirs at the onset of the probate process. Involving known heirs provides information about who accepts the state of the will or whether it will be contested. Without objection, an estate planning attorney can prepare the probate documents, have distributees sign and notarize consent forms, and file the probate documents with the court. Probate proceedings may occur in the physical court setting or virtually. Routine probate hearings often occur on video platforms such as Zoom, streamlining the process and creating convenience for the court, attorneys, and clients. Virtual probate hearings are also more cost-effective for clients.

The probate petitioner, usually the estate’s personal representative, will file the necessary documents with the court for the first probate hearing. These documents include a certified copy of the death certificate, the decedent’s last will, a list with the names and addresses of the decedent’s heirs, and a known list of creditors.

How Long is the Probate Process?

An informal probate process can conclude in as little as six to eight months. An estate with complex assets, contests to the will, or both may experience a complicated probate process that is extensive, expensive, and may take multiple years to conclude. These lengthy probates are frustrating for deserving and rightful beneficiaries who must wait for the probate court’s conclusive legal findings regarding the estate, property, and asset distribution.

Is Probate Expensive?

Aside from the length of time, the probate process can also become very expensive. According to a US News article, the average probate process costs for legal fees and administration is five to ten percent of the estate. Some estates with complex or lengthy probates may lose twenty or more percent. Many states have attorney fee schedules that reflect the estate’s size and location. In addition to an estate’s lawyer fees, there may also be executor compensation, court filing, and other paperwork fees. The possibility of a probate bond can also increase the cost of probate.

The most common reason for increasing probate costs is litigation among beneficiaries or non-heirs trying to receive ownership of the estate’s property. Additionally, if the decedent was a party in litigation at the time of death and the estate is the successor in interest, the ongoing litigation can get very expensive. Costs may also rise relating to preparing and filing federal and possibly state estate tax returns and any accompanying audits.

What are Common Reasons to Avoid Probate?

Besides trying to avoid high costs and time-consuming probate administration, many people prefer to avoid making the terms of their will a public record. While a substantial portion of the estate can remain private through designated beneficiaries and rights of survivorship accounts, to avoid having the bulk of an estate’s assets become public knowledge, most people with larger estates seek privacy by creating appropriate estate trusts. An estate planning attorney can identify which trust type will most benefit your goals as you plan for your legacy.

Contact our office to learn how to avoid probate or get through the process as seamlessly as possible. Thoughtful planning, asset coordination, and regular review of your estate plan can minimize the potential that your heirs will experience an extensive probate process. At a time when your loved ones are mourning your loss, you can protect them through careful estate planning. We can be reached at (207)848-5600