Are your loved one’s belongs subject to probate administration upon their passing? Any of this property would be considered Probate Estate and would include ALL property that is included in the probate administration.
What Does This Include?
Non Physical Assets – banking assets, bonds, CDs, and other securities
Physical Assets – houses, property, jewelry, furniture, vehicles, and more
Depending on your state of residence, the laws governing how these assets are handled are what is known as probate.
One of the driving factors in how the probate process is handled will be the will that your loved one leaves behind. If a valid will is in place probate may be unnecessary. However if they pass away without a valid will, then you’ll be facing a probate process. Please note that even with a valid will there may be benefit to entering into the probate process.
The perception tends to be that dealing with probate is a difficult and hard to navigate process. This is due to the fact that the probate process can become quite complex without someone to help guide you through it.
There can be a fair amount of confusion in the process as well. Add to it the fact that it may require several probate hearings to get things addressed fully, and you can see why it can become so frustrating. Another issue you can face involves unequal distribution. You may want your assets to go to one individual yet they may end up with another.
In some worst case scenarios, the state may claim the estate in whole or in parts. This is referred to as escheat. Once the state does so, survivors are no longer able to lay claim to any of the property seized by the state.
Probate can take some time to complete and usually does involve a degree of time. Much of this though is due to state requirements that may call for advanced notice of hearings. It is also due to laws meant to protect creditors who can file claims during the state mandated period of time that the estate remains open.
While it may be easiest to try and avoid the need for a prolonged probate process by having a well established, valid will already set in place, this isn’t always possible to do before your loved one passes away. If your loved one clearly spells out their wishes in writing, whether it’s a full blown will or not, it can certainly help to clear up at least a portion of the probate issue.
There are other steps that can help to avoid probate and things you can do to help lessen the burden of the probate process such as giving away property before passing away. This is where having the right attorney is an absolute must. An experienced probate lawyer can get you through the process with as little pain and aggravation as possible. They will also be able to help you plan for the future accordingly, setting into play a plan that will cover your obligations while helping to reduce the likelihood of having to enter into a long and drawn out probate case.
