Briefly describe what probate is and what should be considered to successfully navigate the process.

Question

What will be an ideal response?

Answer 1

Probate is simply the legal process that takes place after someone dies. It protects the rights of the creditors and beneficiaries to make sure everything is distributed according to the law and the will. Even if you have a will, anything in your name will have to go through probate. If you do not have a will then the court will appoint an executor for your assets. Probate oversees the proof of the will's validity, the inventory of your assets, the payment of all debts, and the distribution of the remaining assets. Keep in mind that assets, as well as debts, transfer to your estate upon your death. Your heirs may not be able to access any assets you leave them until all debts are settled, before the estate is closed. The loss of a loved enough is stressful enough. Dealing with the probate process, settling debts, closing accounts, and accounting for all the assets in the estate take time and effort on the part of the executor of the estate. Ways to make the probate process go quicker and smoother include having an updated will and letter of last instruction. While these documents will not prevent probate, they will make the process easier and quicker for the executor and any survivors. Probate can tie up your property for several months, or even a year, and can cost as much as 5% of the estate when factoring in attorney fees. Therefore, several options have evolved through the years involving titling of property to avoid the cost and time that probate consumes. Several property titling techniques can help your estate avoid probate using trusts, joint ownership of real estate, and transfer-on-death accounts. In addition, various life insurance policies and investment accounts with designated beneficiaries can also avoid probate.