In this article, we’re answering “When is probate required?”
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Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- When Is Probate Required?
- What Is the Probate Process?
- Should You Avoid Probate?
- How to Probate a Will in the US?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
When Is Probate Required?
Probate is required when a person passes and leaves behind assets that are solely in their name without a joint owner. This requires a court to prove a will, so the remaining assets can be distributed to beneficiaries per the wishes stated in the will. That said, probate can be time-consuming and expensive. As a result, many people aim to avoid probate through careful estate planning and structuring.
Common estate planning efforts to avoid probate include the use of trusts, foundations, preemptive asset transfers, preemptive inheritance distributions, wills, living trusts, and more.
That said, estate planning and structuring are not always needed. In fact, there are instances where probate is not required regardless of any estate planning efforts.
In these instances, the deceased typically only leaves behind cash and personal possessions. Alternatively, probate can also be avoided when assets outside of cash and personal possessions are jointly held with a surviving individual.
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What Is the Probate Process?
The probate process refers to having a will “proven” by a court in order to pass judgment on whether assets can be distributed to the stated beneficiaries. After a will is “proven” the executor will be granted power to start the process of closing any affairs of the estate and distributing the remaining assets to the beneficiaries.
Should You Avoid Probate?
Whether you should avoid probate depends on a wide range of factors, not the least of which includes the value of your estate and the assets that you plan to distribute to your beneficiaries. Additionally, both probate and attempting to avoid probate can be costly endeavors. So, it’s important to consider all of the costs before starting either process.
How to Probate a Will in the US?
To probate a will in the US, the official death certificate must be presented and the will must be filed, which will need to be validated. Then the court will appoint an executor, who will proceed with collecting information on the estate and closing any outstanding liabilities. Funds will then be distributed to cover liabilities and distribute assets to beneficiaries.
Is a Probate Lawyer Needed?
A probate lawyer is not needed, but it can help with the process and eliminate considerable stress and questions on behalf of the executor. If you choose to use a probate lawyer, you should review multiple options before committing to a particular lawyer or firm as their experience, costs, and communication can vary widely.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into when probate is required. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Does Probate Mean?
Probate refers to the process of proving a will, appointing an executor, paying liabilities, and distributing assets to beneficiaries. Importantly, probate can be avoided with careful estate planning and other key strategies. However, probate will also be automatically avoided if the deceased holds certain assets.
When Is a Probate Required and Applied?
Probate is required and applied if an individual passess holding assets in addition to cash and personal belongings. The court will then need to prove a will, appoint an executor, and ensure the correct distribution of assets from the estate.
How Much Does Probate Cost in the US?
In the US, probate can cost as little as $100 and up to several thousand dollars depending on the state where the process takes place and the support that an individual may require in order to complete the process.
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