Meaning of Probate
Probate is the legal process of proving and accepting in a court of law that a will is a valid public document which is the true last testament of the deceased. Probates prove the validity of the will of a deceased person before the will can be used to dispose the properties or belongings of the person according to the specifications on the will. It is possible for controversy to arise during this process of Probate – which declares true and valid the will of the deceased.
Terms used in probate
There are several terms used during the process of probate.
Testator: The testator is the will maker, the deceased person whose estate is to be shared among named beneficiaries.
Estate: The belongings of the testator or deceased are known as estate.
Administrator: In the case whereby the testator did not provide a will, a legal representative is appointed. This representative is known as the administrator.
Executor: This is the person whom the will names as the testator’s representative upon his or her death. The executor only assumes this office after the passing of the testator.
Cost of probate
One of the reasons most people plan their estate in order to avoid probate is because of the cost involved in it. The larger your estate, the greater the cost of probate the more the cost of the estate the lesser the assets that will be left for you beneficiaries to inherit
The cost of probate varies based on a number of reasons which include:
- Your state of residence
- The size of the estate
- Whether or not the estate is being contested or not
- How complicated the estate is
Probate fees can include:
- The cost of a probate attorney and accounting fees
- Court fees
- Executor and bond fees
- Other fees
Necessity of probate
Though the probate process could be really stressful especially when a large estate is involved, it still has importance and necessities.
- The probate process allows for the passage of assets and titles from the dead person to their loved ones – heirs and beneficiaries-.
- If the estate has creditors which needs settlement, without the probate process, these creditors cannot be paid as there won’t be available funds to settle them. Until the court validates the will through probate, funds remain locked up.
- It makes the estate of the deceased accessible to his heirs and beneficiaries. Without probate the assets of the deceased remains out of reach of those who are supposed to benefit from it.
- The probate process is necessary to authenticate a will. The probate court uses the probate process to ascertain if a will is actually the last will and testament of the testator.
- It is necessary for individuals whose assets are much and there are high chances that their will could be contested.
Why avoid probate?
Avoiding the probate process depends on how individuals attach importance to certain factors like time, privacy, etc.
- Time: The probate process could be time consuming. It could take weeks, months and even years to complete. So individuals who wouldn’t want their loved ones to stay that long before getting their inheritance will take proper measures to avoid probate.
- Stress avoidance: People put plans in place which will help to avoid the process of probate when they die just to reduce the stress of their loved ones
- Privacy: Probate makes your estate public and accessible by everyone. Most individuals prefer their estate information to remain private. So they try to avoid this process.
- Finance: Probate could also be a costly process because your attorney will not represent you for free
How to avoid probate
- Transfer-on-Death: This method allows you to make a designation for your assets so that when you die, the assets go directly to the designated beneficiary.
- Payable-on-Death: This is applicable to bank accounts. You can add a “payable-on-death” (POD) designation to bank accounts.
- Joint ownership: This is common among spouse, when one dies, his/her properties automatically goes to the living partner.
FAQ
Question: What happens if a will is not probated?
Answer: If a will is not probated, the deceased person will remain the owner of the assets and these assets cannot be passed down to beneficiaries.
Question: What if a loved one is not satisfied with a will?
Answer: If there is any form of dissatisfaction among the beneficiaries regarding the way the assets are distributed, the person has the right to contest the will in court
If you are in need of probate attorney do well to contact us. Our attorneys are available around the clock for consult and hire.
