You may have heard the term “probate” at some point in the past. Maybe this was something you talked about when creating an estate plan. Or maybe you came across this when a loved one passed away.
It is important to understand what the probate process entails, as this ensures that you make all the right decisions as you create an estate plan. Furthermore, this puts you in position to avoid more stress should you be faced with this when a loved one passes on.
Probate sounds like something that is difficult to understand, but this doesn’t have to be the case. With a basic idea of how the process works, with a basic understanding of what to expect, you can fully understand what will happen and how to make this process as simple as possible.
After you pass on, the person you named as the executor of your will is required to file papers with the probate court. If you do not have a will, a judge will appoint somebody to handle this task.
The executor provides the court with a will, while also presenting information in regards to your assets and debts. Of course, this is also the time for the executor to discus who will receive what.
The probate process can drag on for many months or years, especially when a person has a lot of assets and debts. Furthermore, the process can become even more complicated if for any reason if the will is contested.
In some states, but not all, immediate family members are able to ask the court to release a small amount of funds to deal with expenses as the probate process moves forward.
Questions About Probate
Now that you have a basic idea of what the probate process entails, you may have a few questions that need to be answered. It is essential that you address each and every question, no matter what it may be, to ensure that you don’t get off track and make a poor decision.
Here are some of the most common questions about probate:
- How much does the probate process cost?
- How long does it take for the probate process to come to a completion?
- Is probate really as complicated as it sounds?
- What happens if there are any disputes during the probate process?
- Who is in charge of making decisions during probate?
These are just a few of the many questions you may want to ask at some point. If you are unsure of what is going on, if you don’t know what to expect next, here is what you should do:
- Learn more about how the probate process works in your state. Since this differs from one state to the next, you need to find out how things work where you live.
- Speak with an attorney. It doesn’t matter if you are creating an estate plan and have questions about probate or a loved one has passed, speaking with an attorney can put your mind at ease. This means that you always have an experienced professional on your side who can point you in the right direction.
- Don’t rush. As the probate process unfolds, it is important to realize that things can only move forward so quickly. Even though you want to put this in the past once and for all, it may not work out like this. You will have to sit back and let things happen. As long as you are organized and prepared, this isn’t the end of the world.
Many people don’t understand probate because they have yet to create a comprehensive estate plan that answers all their questions. This is why you should download our free report entitled “Dangers of Do-It-Yourself Wills and Living Trusts.”
It is easy to believe that you know what you are doing, but there is a lot that goes into creating a will or living trust. If you neglect to take the right steps, it could haunt you and your loved ones in the future.
Let our free report give you the guidance you require at the right time of your life. You and your family will be glad that you did.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
By Appointment Only
All Mail Should be Directed to the Middleton Address