Probate is the court process that happens after someone dies …
Probate can be expensive. Attorney’s fees are set by statute; for an estate worth $200,000, attorneys’ fees will be about $7,000. The bigger the estate, the more expensive the fees. Probate also takes time, and it is a public process; virtually everything filed in a probate is retained in publicly accessible court files.
With appropriate estate planning, probate can often be avoided altogether. Probate can be avoided in two main situations: First, if the estate is worth less than $150,000, then formal probate is not required. Second, if a person dies with a trust that holds the person’s assets, then no probate is required.
Schofield Law Group can assist a family through the probate process, when necessary, and when probate is not required, we can assist with the work of administering the estate outside of probate. We can also help with trust administrations, will and trust contests, and any other legal issue arising after a loved one passes away.
Probate/Trust Administration Frequently Asked Questions:
Q. What is probate?
A. Probate is the court process that happens after someone dies. It allows creditors to make a claim against the estate, and sets forth a plan for the distribution of the assets. It requires someone act as the administrator — usually the executor of the will. Probate can be expensive. Attorneys fees are set by statute; for an estate worth $200,000, attorneys fees will be about $7,000. The bigger the estate, the more expensive the fees. Probate also takes time, and it is a public process; virtually everything filed in a probate is retained in publicly accessible court files.
Q. When is a probate required?
A. Probate is only required when the estate is worth more than $150,000. With appropriate estate planning, probate can often be avoided altogether. If a person dies with a trust that holds all of the person’s assets, then no probate is required.
Q. How long does a probate take?
A. Realistically, the simplest probate takes at least six months. Depending upon the cases, the probate process can last a year or more.