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Probate is a court process designed to ensure that the assets of those who have passed away are distributed in accordance with their wishes. This can be done by either distributing them according to what they’ve detailed in a will, or through an inheritance as dictated by law if there was no such document left behind for guidance. If you’re faced with this situation and would like some help understanding how it all works, call us today!
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What is probate?
Probate is a court process that occurs after a person dies leaving behind assets that go to the people named in the Deceased’s Last Will and Testament or next of kin if there is no valid Last Will and Testament.
How long does the probate process last?
The length of time in a probate matter depends on the complexity of the case and the type of probate action required, and generally ranges from a few weeks to 12 months.
What are the various types of probate actions?
- Disposition of personal property without administration wherein the Deceased left behind a bank account.
- Summary administration where the total value of the estate is less than $75,000 or more than 2 years have passed since the deceased died.
- Formal administration, which is an estate worth more than $75,000.
Do I need an attorney for a probate matter?
You do not need an attorney for all types of estates. For estates that have a Personal Representative(s), attorneys are required.
How do I avoid probate?
In order to avoid probate, you must make sure any investments acquired during your lifetime (i.e. 401ks, IRAs, etc.), life insurance policies, bank accounts, real estate you own, and any other asset in your name is properly titled and designates a beneficiary(ies).