What is Probate?

How much does Probate cost?

Common Probate myths

 


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Probate
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Probate is a court proceeding, upon the death of a person, which:

  • Appoints a person or entity to handle the legal affairs of the Decedent;
  • Ensures that the debts and taxes of the Decedent are paid; and
  • Ensures the Estate assets are distributed to the beneficiaries.


When is Probate needed?

Probate is required when a person dies having assets in their individual name which exceed the value of $100,000.  Assets which are held in the name of a Revocable Living Trust, or which have a joint owner, beneficiary or pay-on-death designation will likely not have to go through the Probate court proceeding.

How long does Probate take?

An efficiently run Probate can be closed in as little as 7 months.  Complications, however, can increase this timeframe.   The following is representative of the Probate process:

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