After a death of a loved one, you may be trying to figure out how to deal with that person’s assets and winding up their affairs. Not every estate needs to go through Probate.

The number one goal of clients when they come in for Estate Planning is to avoid probate. There is a lot of information out there, and it makes probate seem very scary. There is nothing wrong with probate. It is just time-consuming and can be expensive.

Probate is the court supervised process of executing a deceased person’s Last Will and Testament (“Will”). If someone passes away with an asset just in their individual name, that asset will need to pass through probate to get to the people named in the Will.

There seems to be a common misconception that if you have a proper Last Will and Testament, probate won’t be necessary. However, a Will by its nature is a probate document.

How long is Probate?
A typical lawyer answer is “it depends”. Usually for the entire probate process, we say about six months to one year. However, it depends on the assets, beneficiaries, creditor claims, whether there is a Last Will and Testament, and so on. Our attorneys have successfully completed hundreds of probates and can assist you too.

How much does Probate cost?
Again, it depends. Some attorneys charge a flat fee. Some attorneys charge hourly rates. Some attorneys charge a statutory rate based on the value of the estate. The cost of the Probate is something that should be discussed at your consultation.

How do I keep my assets out of Probate?
There are several ways to keep assets out of Probate. You can add a joint owner to an account, have a beneficiary designation, or title assets in the name of a trust, to name a few different ways of many to keep assets out of Probate. Each client and situation are different, and there could be tax issues, so we encourage you to schedule a free consultation with one of our trusted Estate Planning attorneys today to discuss these issues and determine what unique Estate Plan is right for you and your loved ones.

If you are dealing with the loss of a loved one and trying to figure out what’s next, our attorneys can also assist you with trying to determine whether a Probate is necessary. Call our office at 941-748-0550 to schedule a free consultation.

Disclaimer: This blog post is general guidance and should not be substituted for legal advice. This blog post does not create an attorney-client relationship.