People often have questions about what probate is and how it will affect them. Probate is a system that was developed early on in English common law. This system allows an individual to pass assets to whomever they want those assets to be passed to through a system that is directed
by the government. What this means for you and for your loved ones, is that if you do have a will, your executor whom you have named under that Will, will have to take the Will and your death certificate down to the courthouse to apply to become the administrator of your estate. Once your loved one is appointed to be the administrator of your estate they will have to publish a notice in the newspaper and additionally after that has run for 90 days, they will have to pay any and all claims that
are valid to those creditors once the valid claims are paid, your executor will distribute the remaining assets in your estate to your loved ones as you have dictated under your will. This system can take six months to a year. If you wish to avoid that time period and have those assets pass more quickly to your loved ones, we can use different structures such as a trust to ensure that they will receive those assets more quickly.
What do you need to know about probate?
- Can be avoided with proper estate planning!
- The process can take up to a year.
- The process involves many filing fees.
- The representative of
your estate will pay for your final bills.
