•    What is probate?

Probate is the process where a person’s property is distributed when they die either with a will or without a will.  It means that a close relative of the deceased must go into court for permission to put together or collect all of the assets of the deceased and then get permission to liquidate those assets and divide them up between the heirs. The probate process can take 9 months to a year or several years.

•    Why is it important to Stay Away From Probate?

o    Your heirs will need your assets immediately after your passing.  Waiting on the courts to decide when the assets will be distributed will add to the grief and anxiety they are already experiencing.
o    While your heirs wait properties will still need upkeep: mortgage, taxes, utilities, insurance, etc.  Who will pay these expenses before the estate is resolved?  And if any property is left vacant while you wait, it can become a target for vandals or thieves, damaging the property and lowering its value.
o    In addition, anyone protesting your will can tie up the distribution process even longer.
o    Probate is costly and frequently creates family disputes.
o    The estate may be subject to fees, based on the value of the estate.  These may include: 
       – Attorney Fees
       – Compensation for the Executor
       – Probate Bond
       – Court Fees
       – Creditor Notice Fees (To alert creditors and beneficiaries of a death)
o    The probate process is also public.  Anyone can find out about your estate and its distribution.