Things You Should Know About Probate

Probate must be avoided at all costs. However, in some situations, it is inevitable. Being aware of it can help in navigating the probate process smoothly. Consult a San Antonio trusts planning attorney to get legal help in creating your trust.

What Does "Probate'' Mean?

Probate refers to proceedings supervised by the court in which the property held by a recently deceased person (decedent) is titled under the name of the heirs decided by the decedent. The legal procedure of probate also involves validating the last will created by the deceased and the distribution of assets among the heirs. It also makes sure that all the remaining debts are paid off.

The necessity of probate.

The probate procedure is essential as it helps manage those assets and property that do not get transferred by contract law, state titling law, or trust law. This means that any assets or property added in a last will and testament or assets held by a person who dies without a will and testament may require probate.

What goes through the process of probate?

Some assets must pass through probate before they can be given to heirs. The assets or property passing through probate include the assets given to heirs with the help of a will, like household goods and cars, and any property held at death but not mentioned in the will.

What does not go through probate?

All the assets that pass through the state contract, property title, and trust law do not go through the probate procedure. This involves retirement funds, life insurance policies, and annuities with the mentioned beneficiaries. Along with that, POD accounts and transfer accounts are also included in it. The properties held in joint tenancy with survivorship and in entirety are also not passed on.

Working on a probate

The procedure of probate is state-specific. However, the first step in probate is the creation of a will.

The probate proceedings generally happen in court, but virtual hearings have also become common due to the pandemic. After the validation of the will, the probate process is continued by collecting all the assets and informing the creditors. The remaining estate is then distributed.

Documents to Bring to Your First Probate Hearing

If you are the person who filed the petition for probate, be prepared to carry certain documents with you. They include the last will, death certificate, contact list of the deceased person's heirs, and creditors.

Duration of probate

The probate process can be extremely long and last several years. 

The cost of probate

The procedure can be financially draining. Its expenses are 5–10% of an estate in terms of legal charges and administration costs.