Friends,
This week, we wanted to discuss probating a will. Dealing with a family member's passing can be challenging from many perspectives. Probate is the legal process of validating and executing one’s last wishes, verifying heirs, and transferring assets to their heirs. The financial cost of probating a will can diminish the amount heirs receive and involve a significant amount of time. Probate typically lasts between 6 and 18 months, so preparing for this time is crucial.
The Process
- An executor of the estate must be identified to supervise the process
- The executor must first validate the will at the court
- Those without a will must have someone appointed by the court. They are said to have died intestate.
- The executor must then petition the court to begin probate
- Letters of Testamentary must be acquired
- An estate account must be opened to pay any outstanding debts or to use for filing taxes
- Public notice to creditors must be made, usually via a local newspaper
- Generally, after all of this, the assets may be distributed to the appropriate heirs
What Assets are Subject to Probate?
- Accounts held or titled in a single name
- Personal property and safe deposit boxes
- Real Estate
- Vehicle - including cars, boats, etc.
How to Reduce Probate’s Problems
- Title assets so that they are transferable on death
- Update and add beneficiaries as needed
- Be transparent with family members about what to expect
- Placing assets in a trust
For our clients, we can help title accounts appropriately or ensure the correct beneficiaries are listed to ease the transfer of assets in accordance with their final wishes. We’re happy to discuss strategies for this as needed.
Andrew