The Technical Aspects of Probate

 Posted on October 10,2012 in Estate Planning

Taking care of your material possessions is important if you have loved ones that need to be protected. If you have drafted a will, then whoever you assign as your personal representative will be in charge of whether probate court is necessary in regards to your remaining estate.  If you have not designated one in a will, then the probate court may assign someone impartial to manage your estate.  This person will then be responsible for your earthly goods to make sure they are legally transferred to others.

The probate court acts to oversee your property after your death.  While all probate courts are different state to state, there are some processes which remain the same.  The probate court swears in your personal representative to manage your estate.  The court also is in charge of notifying your heirs, creditors and others that you are indeed, dead.  They also inventory the property of the estate to verify that the assets are still real and have not been dispersed.  The ultimate step of a probate court is to pay off debts, pay applicable taxes, and distribute the remaining estate to the heirs.

Overall the probate process is time-consuming and costly.  Probating a will can take a long time based upon the filing requirements and also if any one contests the will.  There are also multiple fees associated with probate such as, executor fees, lawyer's fees, and other court-related costs.  The only ways of successfully avoiding probate court with your will are to spell out your wishes in a trust, hold property and assets jointly, and give away your property before your death.  If you have the need to set up a living trust, have questions about your estate, or anything else, contact a qualified estate planning attorney in Kane County today.