Probate is the legal process of transferring title or ownership from the dead to the living. If you have a will, the court follows the instructions in your will. If you don’t have a will, then the state determines where your property and money go.
Probate can be a long, drawn-out process—even simple estates may take months to settle, and complicated estates can take years. Some probate cases can be done within a month if estate is small, i.e. less than $75,00 or one has inheritance items that pass under exemptions given the family. Usually, within a month, the attorney can get at funds, where claims are small or non-existent. The homestead home can be sold well before the end of the 3 month wait for creditors to file claims. Most estates can be finished in 5-6 months, assuming no squabbles over a will.
There are court costs and fees to pay to probate an estate when there is a will; those costs go up if there is no will.
You can avoid probate using trust-based estate planning. An estate plan is a set of legal documents and tools designed to protect your assets while you are alive and clearly state how you want those assets distributed when you die.
When a loved one passes on, some or all of his or her estate will likely have to go through probate. The probate process can be complicated and time-consuming. However, at William P. Schwarz Attorney at Law, we can review the estate and advise you as to the most efficient and economic manner to transfer property to the rightful heirs. You can rely on us to inform you of all your options to administer and distribute the estate.
Contact William P. Schwarz Attorney at Law, today!