Probate is the process by which the court gathers a decedent’s assets, pays taxes and claims, and distributes assets to the named beneficiaries. Generally Probate is only necessary when a person dies with assets in his or her own name alone. Assets in a Living Trust, jointly held or with a beneficiary, do not have to go through Probate. Probate has a bad reputation and rightfully so! It is expensive. Legal fees are approximately 3% of the probate assets and the personal representative (executor) can also take a fee up to 3%. If there is real estate in more than one state, there can be multiple probates. Additionally, in the probate courts in Broward and Palm Beach Counties, probate takes at least six months and sometimes more. This further delays the distribution of the assets to the beneficiary.
These are questions that regularly come up in our office. A Will is a legal document that provides for distribution of your Probate estate at your death. Probate assets are those owned by a person in his or her own name alone, with no beneficiary, without being “payable on death”, or “in trust for”, or in a Living Trust. A will must be verified by the Probate Court before it can be enforced and the assets distributed to the heirs. Because Probate is a court proceeding, it is time-consuming and expensive. Additionally, Probate takes at least six months and sometimes more and delays the distribution of the assets to the beneficiary. Probates can occur because of one or more of the following:
Probate attorneys no longer keep these tools a “secret” in order to generate Probate fees. Elder Law and estate planning attorneys are trained to provide information on the ways to avoid Probate proceedings and otherwise properly plan your estate.
Upon the death of the creator of the Trust, the family may need to a lawyer to “Administer the Trust”. This is when we “wrap up the estate” by paying bills, distributing assets etc. Because there is no court involved, this procedure is much less timely and less expensive and often does not need the assistance or a trust or probate attorney.
It is always stressful when a loved one dies. Our office works with families on many difficult issues, distribution of wealth being one of them.
We are pleased and prepared to assist you and your family in expeditiously and peacefully administering your trust and estate including any necessary Probate proceeding.
Get your Free copy of the 67 things that must be done (and a few mistakes not to make) when there is a death in the family. This has been compiled over the years of experience with helping clients. Hopefully, it can help you make great decisions and avoid mistakes.
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