Probate
What is probate?
A court procedure that authorizes the personal representative (executor) to move assets from the decedent’s ownership to the beneficiaries’ ownership.
Do I need to open probate for my deceased loved one?
This depends on what type of assets the decedent owned and how they were owned. For example, an asset owned in Joint Tenancy with Rights of Survivorship transfers up on death to the survivor without probate. There a few different types of probate processes, some assets can be handled through a small estate rather than full probate. Call for a consultation to determine if a probate needs to be open and what type needs to be opened.
How long does probate take?
Most probates can be completed in approximately six months. The length of time depends on whether parts of the probate are contested and how quickly the personal representative performs his/her duties.
Should I gift some of my assets to my loved ones prior to my death in order to avoid probate?
This depends. If you require long-term care at an assistance facility, you can disqualify yourself from Medicaid by making a gift within five years of applying for Medicaid. If you have to enter the facility as private pay, the cost is between 5,000 and 10,000 a month. Also, you could subject your estate to paying gift taxes on these gifts made. Call for a consultation to discuss options.
How much does probate cost?
This is case specific. There are a few different attributes that can affect the cost, the type of assets probated, the number of beneficiaries, any conflicts between beneficiaries. In an initial consultation with an attorney, the attorney can try to estimate the costs based on experience.
Does transferring a car title require probate?
Probably not, but there are a few different factors to consider, including the value of the car, how the car is currently titled, if there is a lien on the car and the type of other assets in the estate.
Does selling a house require probate?
This also depends on how the house was titled, whether the decedent was married and a couple other factors. Generally speaking though selling the house will generally require probate.