If you resemble the majority of people, you’ve heard the term, “probate, “but aren’t actually sure what it implies other than it takes place when somebody dies and attorneys are involved. To bring some clearness to the subject of probate, we’re answering common probate concerns below:
What is probate?
Probate is the court procedure of confirming the decedent’s will and settling the estate. The executor called in the will (or “administrator” if the decedent passed away “intestate,” indicating without a will) collects, secures, assesses, handles, and, eventually, disperses the decedent’s assets and pays last financial obligations and taxes under the guidance of the probate court.
As executor, do I have to hire a probate lawyer or can I do it myself?
Legally, you can probate the estate without an attorney in some states. Almost, you need to work with a probate attorney. The work is really technical and not intuitive.
The probate attorney is paid from the estate, not from your individual funds. In addition, as administrator you are personally responsible for the estate assets and settlement. If you mess up, you can be held accountable and may lose your personal assets.
Probate attorneys are extremely informed and extremely trained.
Why do individuals desire to prevent probate?
Many individuals look for to avoid probate since it’s public, costly, difficult, troublesome, and prolonged.
How can I avoid probate?
The following types of ownership prevent probate:
u2022 All properties owned by a revocable living trust;
In addition, each state has a limit and assets under that limit avoid probate.
If you have concerns about serving as an executor, probate, or preventing probate, make sure to speak with a qualified estate planning attorney.