Probate - Do You Know What it is?

I thought I would take the time to explain probate. I have had a few situations recently where understanding probate was an issue.

First, probate means to prove the will. The will is presented to the register of wills and they determine whether it is valid under the law. If there is a challenge to the will then the probate court hears both sides of the challenge to determine validity.

Second, probate serves as the process to change ownership of property from the deceased to their heirs or beneficiaries. Many times individuals never go through the probate process. As a result, you can have real estate still held in the name of a deceased person. Of course, this causes a lot of problems and confusion later.

Third, one of the main things done during the probate process is to pay any inheritance taxes due. You also must pay all debts of the deceased prior to transferring any assets to the heirs or beneficiaries.

We can handle probate for you. Our speciality is Probate, Estate Planning, Elder Law and Estate Administration. Contact us at http://www.ythlaw.com/

Probate - Time it Takes to Do

Often, I have heard, as a complaint about probate, that it takes a long time before heirs can get their money. As a result, many people seek to avoid probate for that reason. How long probate actually takes depends on a number of factors. Those factors include, the size of the estate, the complexities of the estate, the disagreements among potential heirs, the jurisdiction (which state) where probate occurs, the lack of clarity in the will, the skill of an executor/administrator, the notification period to creditors and potential heirs, the source of payment of inheritance taxes and the efficiency of the Register of Wills, among other factors.

When you are getting your will prepared, you can make sure some of these factors will not result in delaying the administration of your estate. Be clear and concise with the specifics provided in your will. Pick a person who can handle managing the distribution of your estate. Address inheritance tax payments. Know the probate laws of your state and if they provide very burdensome requirements, then consider the use of a trust instead of a will.

Contact our office for a free consultation on this and other estate planning issues.

Probate - Bond Requirement

I have a number of inquiries regarding the probate process. These inquiries are as simple as what does probate mean to the process to challenge probate. Well, probate means to prove a will. Does the will presented to the Register of Wills meet all of the state legal requirements? Of course, many people die without a will. One of my passions is to get people to do a will. Where there is a will there is a way! Got will? Like it or not you need a will. Here is one issue that is faced more often than not by loved ones having to probate an estate; the bond requirement. You can provide in your will that your executor does NOT have to take out a bond to handle your estate. You have picked the person to act as your executor and this person is someone you trust. In many cases, it is a family member who will inherit part if not all of your estate. Paying for a bond would be an unnecessary expense. HOWEVER, if you do not have a will or do not specify no bond requirement in your will then the Register of Wills can impose such a requirement. Generally, the Register of Wills will impose a bond requirement when the Executor (one named under the will) or the Administrator (when there is no will) is out of state. You can avoid this expense for your executor or administrator by taking the simple step of having a will done by a professional who can make sure the right terms and conditions are covered.

Have you had a probate experience that you want to share? Do you have questions about probate? Give us your comments today and we will get right back to you.