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Understanding Probate

Probate Planning Fun Facts About Probate What is Probate? The longest will ever probated was I,066 pages and 95,94O words. An English wom an, Probate is the court-supervised process by which your assets are gathered up and inventoried, any debts you have are paid, and any remaining assets are distributed. Most people want to avoid it Frederica Evelyn Stilwell Cook, holds this record. The shortest known wills are only three words long, reading, "all to son" and "all to wife." because it is expensive, time consuming and public. How Pricey Can Probate Be? The Longer Answer Probate consists of court fees, fees for the attorney and fees for the executor. A rough estimate of 2% the size of the estate works. BANK pretty well for an average estate, but closer to 4% LL for smaller estates. LL Once the value of the probate assets are computed, both the Attorney and the Executor each get: A. 4% of the first $100,000 B. 3% of the next $100,000 C. 2% of the next $800,000 D. 1% of the next $9,000,00 E. 0.5% of the next $15.000,o00 F. Over $25 million a "reasonable" amount to be determined by the court. The short answer – very The estate is valued by a probate referee and may be challenged by any interested creditor. estimate about 8% of your estate. #1 #2 #3 #4 JANUARY MAIL #5 #6 #7 # 8 WILL # 9 #10 #11 CLOSED File a probate petition along with copy of the will #I. #2. Petitions are send to everyone named in will and intestate heirs #3. Copy of the petition must be published in a local newspaper # 4 . Court holds the petition for about 4 weeks #5. Court determines executor Filing of creditor claim (if applicable) Executor m arshals assets and evaluates creditor claims #6. #7. # 8. Appraise assets and challenges to will addressed Executor presents distribution plan #9. #IO. Court approves and estate is distributed #II. Probate is finally closed! Each probate process is different depending on the complexity of the estate. Please see End-of-Life Planning Toolkit #3: Understanding Probate for an in-depth explanation of probate. Robert L. Shepard Professional Law Corporation passare.com TM

Understanding Probate

shared by Passare on Dec 14
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Probate originally meant “relating to proof; afterwards, relating to the proof of wills.” The proof before an ordinary, surrogate, register or other duly authorized person that a document produced...

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