What is Probate?
Brad Smith • October 30, 2019
Probate process is often misunderstood. Probate is basically the process of administering the will of a deceased person. The process includes resolving any claims, paying remaining debts and the distribution of property.
It can also be costly and time consuming—and completely avoidable.
- What Is Probate?
Probate is a court process required when you are unable to manage your affairs. It involves a lot of paperwork and court appearances (i.e. lawyer fees). All of these costs are paid from the estate—monies that would otherwise go to the beneficiaries.
Probate is also a public process. Therefore, all of your assets, as well as their estimated value, become a part of the public record.
- Can I Avoid Probate If I Have a Will?
No. A will is merely a guide map directing assets through probate process.
- How Can I Avoid Probate?
The only way to avoid probate is to ensure all of your assets, upon your death, will automatically pass into an alternative to a will. A living trust, for example, holds title to all assets or the assets automatically pour into the trust upon death, thereby circumventing the probate process.
In the case of disability, you may eschew probate by legally authorizing a proxy with regards to property and/or health decisions. Examples of legal means to avoid probate in the face of a disability include financial power of attorney, healthcare power of attorney, and coordinated living trust.
- Is Probate Expensive?
Absolutely. Probate can be a complicated process so most people hire and attorney—which can cost $2,000-$5,000 for a simple estate. For estates exceeding $100,000, the costs can be between $5,000-$10,000. Why? The executor must be paid. The probate case has to be filed with the state and the filing fee is typically around $300. Probate cases must be published in the local newspaper, so publishing costs are also incurred by the beneficiaries.
And since the details of the estate do become public, there is also an increased likelihood that someone will come forward to contest the will. Should that occur, the attorney’s time and your expenses would also increase.
The good news is that probate is avoidable with proper planning. Yes, a good estate plan
will cost money. But it pays for itself several times over in the long run. If you have questions regarding the probate process or estate planning, you can contact our office at 618.659.4499 or by email at info@sivialaw.com. You can also learn more about our estate administration and probate services online at www.sivialaw.com.
Interested in Working With Us?
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
Helpful Guides
Begin your journey by taking advantage of our collection of complimentary guides.
Online Documents
Simple & Convenient, Cost Effective, Attorney Reviewed Documents.
Recent Posts
Estate planning is about more than just dividing assets; it’s about making sure your wishes are honored when it comes to your health, finances, and legacy.
Estate planning is about more than just dividing assets; it’s about making sure your wishes are honored when it comes to your health, finances, and legacy.
Beyond understanding the medical aspects, there are critical legal steps you should take to safeguard your rights, clarify your wishes, and prepare for any unexpected situations.
Estate planning is a sensitive and complex process that often involves difficult decisions. One of the most challenging choices parents may face is whether to leave their children unequal inheritances.
In this blog, we’ll break down inheritance and estate taxes in Illinois and Missouri, helping you understand what to expect and how to plan accordingly.
At our firm, we emphasize the importance of proper trust funding. This crucial step ensures that your trust will work for you and your loved ones when you need it most.
Estate planning often feels like an overwhelming task, conjuring images of endless paperwork, difficult decisions, and tough conversations. It’s a process that involves contemplating the future—sometimes in ways that are deeply personal and emotionally taxing.
Submit Your Confidential Request
Click the button & fill out the form so we can better understand how we can help.