If you’re like many people, you’ve heard the term, “probate, “however aren’t truly sure what it means other than it happens when someone dies and attorneys are included. To bring some clearness to the subject of probate, we’re answering typical probate concerns below:
What is probate?
Probate is the court process of confirming the decedent’s will and settling the estate. The executor named in the will (or “administrator” if the decedent passed away “intestate,” meaning without a will) gathers, safeguards, evaluates, manages, and, eventually, distributes the decedent’s properties and pays last financial obligations and taxes under the supervision of the probate court.
As administrator, do I have to employ a probate attorney or can I do it myself?
Legally, you can probate the estate without an attorney in some states. However, practically, you should work with a probate lawyer. The work is very technical and not intuitive.
The probate lawyer is paid from the estate, not from your individual funds. In addition, as executor you are personally accountable for the estate properties and settlement. If you ruin, you can be held responsible and may lose your individual assets.
Probate lawyers are extremely educated and highly trained.
Why do individuals wish to avoid probate?
Many people look for to prevent probate since it’s public, pricey, demanding, inconvenient, and lengthy.
How can I prevent probate?
The list below kinds of ownership avoid probate:
u2022 All properties owned by a revocable living trust;
In addition, each state has a limit and properties under that limit avoid probate.
If you have concerns about working as an administrator, probate, or avoiding probate, be sure to seek advice from a competent estate planning attorney.