Probate is a legal, court-supervised, and authorized process that is sometimes mandated to validate a deceased person’s will so that their wishes are to be carried out by an executor named in the will. Probate is the process of distributing a deceased person’s estate in compliance with his wishes.
Probate is a lot easier when there is a will or trust that clearly defines the deceased’s wishes. The will helps by naming beneficiaries and the executor. An executor is responsible for administering the deceased person’s estate, ensuring debts are paid, and remaining assets are distributed.
How Much Does Probate Cost?
According to stats, the cost of probate can anywhere range from 3% to 8% of the entire estate’s current market value. Beyond that, the burdening costs of visiting probate courts may also put a toll on your expense.
What Happens If There Is No Will?
There are certain situations where there isn’t a will in place. This can seem like a very painful process because no course of action has been put in place for you by your deceased loved one. However, there is a process established for this within the court of law.
The court appoints someone close to the deceased such as an adult child or spouse. The court chooses someone as the perfect fit to attempt to keep the deceased’s best interests intact. Once the court has appointed someone as the executor of the property, they officially become the legal representative and can begin the probate process.
How Can a Will Simplify the Process?
A will can save you and your loved ones loads of dollars in costs which include filing and attorney fees. You can still expect to pay a couple of fees and expenses associated with probate. These costs vary from state and are sometimes mentioned in a state’s probate code. A will outlines and defines the estate and the beneficiaries to who the title devolves down to.
It’s imperative to comprehend that a will must still go through the probate process, but it’s so much simpler when you plan. During probate, a court first authenticates and certifies the will and then authorizes the executor to pay all the taxes and debts before distributing the remaining estate according to the deceased person’s instructions.
Benefits of a Will
• A will can reduce the burden of a court-appointed executor that will help decode the deceased person’s wishes.
• A Will can expedite a long drawn-out probate process.
• The exact beneficiaries decided in the will of the deceased will be assured that their loved one thought of them even after parting ways.
• A will can be exact proof of what the deceased wanted to do with his estate.
• Drafting a Will makes a difficult life event a little easier for loved ones.