Probate / Estate Administration

You might hear the term probate and wonder what it means or what the process entails. Simply put, whether your loved one passed away with or without a will, his or her estate assets typically go through probate court. During this process, a personal representative is appointed to carry out the administration of the estate. It is only after all funeral and burial expenses, attorneys’ fees, and the decedent’s debts are paid that the beneficiaries will receive their portion of whatever remains of the estate.

Most people elect to create trusts to avoid the costly, time-consuming probate court process.

General Steps of Probate

Each state has a different probate process; however, the general steps can be summarized as follows:

• Filing a petition or application with the applicable probate court
• Notifying the interested parties or heirs of the decedent of the petition or application for probate
• Appointment of the personal representative (or executor) of the estate
• Notifying the decedent’s creditors (typically by publication) and reporting the value of the decedent’s estate to the court
• Payment of probate administration fees as required by statute
• Distributing the estate assets to the beneficiaries of the decedent’s estate
• Closing the estate and filing the appropriate documents with the probate court

Frequently Asked Questions

Why Do Some People Choose a Will Over a Trust?

Many people have misconceptions about trusts, believing they are only for the wealthy or those with significant assets. When individuals learn about the advantages, they often choose to use trusts in their estate planning. Trusts also avoid probate court, while wills do not. Although trusts are typically more expensive to create than wills, they usually save clients money and stress in the long run.

What Is Probate?

Probate is the process of administering the assets of a decedent by paying off debts and creditors, then dividing the remaining assets among the decedent’s beneficiaries.

Certain types of assets are considered non-probate assets and do not go through probate. These include:

• Assets held in joint tenancy
• Assets with beneficiary designations, such as retirement accounts and IRAs
• Life insurance policies
• Properly designated bank accounts
• Property is funded into a trust

What Are the Advantages and Disadvantages of Probate?

The main advantage of probate is that the court supervises the administration of the decedent’s estate, ensuring a structured process for the executor to follow.

The disadvantages include:

• Court supervision requires multiple trips to court
• Long wait times and filing requirements
• Payment of court filing fees
• Delays in the process

On average, settling a probate estate takes a minimum of eight months to one year for a relatively simple estate.