Understanding Probate - What is probate? Can I avoid probate if I have a will? Where do I start? How long does it take?
It is common to have many questions about the right way to manage the estate. Probate administration is the process through which assets of an estate are distributed to the heirs and beneficiaries either by the terms of a valid last will and testament or by the state intestacy statutes. There are many tasks for the personal representative during the probate process. The personal representative of the estate, can be an executor or an administrator, is charged with the duty of carrying out the intentions of the decedent and following the probate code. He or she is well-advised to consult an attorney for guidance and instruction. If there is a will, it is filed and reviewed by the court for validity. All of the assets that qualify for probate are collected, interested parties are notified (including heirs, beneficiaries, and creditors), accountings are prepared and maintained, valid debts are paid, taxes are prepared, the estate is liquidated or transferred, reporting requirements are fulfilled, and distributions are made.
The duration varies considerably depending on the State probate code requirements and the circumstances of the estate. A few things to consider is how many assets need to be collected and liquidated, the location of the assets, the minimum claims period, the availability of the heirs and beneficiaries, the number of creditors, and any pending litigation of the decedent. In Illinois, the most basic estate is likely to take nine months to administer and complex estates can take multiple years. The process is Indiana can take from six months to multiple years. The cost of probate in the region where Atticus Law Firm operates, is based on the amount of time spent on the estate, including filing and other administration fees, and for the most basic estate probate costs approximately $5,000.00 and complex estates can cost tens of thousands to administer.
The cost of probate comes out of the estate.
The duration varies considerably depending on the State probate code requirements and the circumstances of the estate. A few things to consider is how many assets need to be collected and liquidated, the location of the assets, the minimum claims period, the availability of the heirs and beneficiaries, the number of creditors, and any pending litigation of the decedent. In Illinois, the most basic estate is likely to take nine months to administer and complex estates can take multiple years. The process is Indiana can take from six months to multiple years. The cost of probate in the region where Atticus Law Firm operates, is based on the amount of time spent on the estate, including filing and other administration fees, and for the most basic estate probate costs approximately $5,000.00 and complex estates can cost tens of thousands to administer.
The cost of probate comes out of the estate.
Life is really simple, but we insist on making it complicated.Confucious
