Page 33 - Fox Funeral Home Planning Guide

Probate
Common questions from a newly entrusted/appointed estate trustee are “Do we have to Probate?” and “What is probate and why do we need it? Probate is a rather formal procedure, establishing the validity of a Will, and is the official “proving” of the Will. Probate asks for the court’s involvement, and is not cheap or quick. Fortunately, not all Wills need to go through probate; such a determination will be dependent upon a testator’s unique situation.
In the event an estate requires probate, taxes will have to be paid.
Whether to spend your time and effort planning to avoid probate depends on a number of factors, most notably your age, your health and your wealth. For some people, a simple Will may be all you need - adopting a complex probate avoidance plan now may mean you will have to re-do it as your life situation changes. Similarly if you have very little property, the need to avoid probate may not be such an important consideration.
Regardless, the more information you share with your advisors/representatives, the more likely you are to have an estate plan that best fits your needs.
This guide is not intended to be a substitute for specific individual tax, legal, or estate settlement advice, as certain of the described considerations will not be the same for every estate. Accordingly, where specific advice is necessary or appropriate, consultation with a competent professional is strongly recommended.
Question #1 What is probate?
Probate is a legal process where your named estate trustee(s) goes before a court and does several things:
• Identifies and catalogues all property owned by the deceased.
• Appraises the property, and pays all debts and taxes.
• Proves that the Will is valid and legal, and distributes the property to the heirs as the Will instructs.
Typically, probate involves paperwork and court appearances by lawyers. The
John J. Fox Funeral Home, Inc. - Page 33