It is true that probate can sometimes drag on for an extended period, especially if there are contested issues among heirs. However, most probate takes only a few months, and the Executor is able to gain control of the assets soon after the decedent’s death.
Probate proceedings are the legal means by which the assets of a deceased person are transferred to those legally entitled to inherit them under the supervision and approval of a court. It is almost always necessary for an attorney to handle the necessary paperwork and hearings for the estate.
The type of probate proceeding required depends on the value of the assets owned by the decedent. For estates worth less than $75,000.00, a simple Petition will result in the necessary court order. Otherwise, a full probate is necessary, although the court will allow an abbreviated process if the total is under $200,000.00.
The Executor and the attorney work together to have the Will accepted by the Court, if there is one, and to obtain legal authority to take charge of the assets. Notice is given to all heirs and beneficiaries, as well as creditors and state welfare agencies. The assets are inventoried and appraised. Property can be sold, if necessary, subject to court approval. Finally, all receipts and disbursements are accounted for, and a court order for distribution of all assets is entered. The whole process does not take more than 4 to 6 months if the Executor and the attorney act diligently. Executor fees are set by statute, and attorney fees are agreed upon between the attorney and Executor, subject to Court approval. An average probate costs between $2,000.00 and $4,000.00, although serious complications occasionally arise and raise the cost considerably.
Of course, probate can be avoided altogether, primarily through living trusts. Obtaining the services of an experienced, and affordable attorney for estate planning or probate is the key to a successful outcome.
Contact Bruce L. Woodbury at www.juww.com.
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