Probate, and Revocable Living Trusts
PROBATE is the public legal process by which property from an estate is transferred to their heirs of a deceased person or persons.
PROBATE is required with or without a Will, if an estate is valued on average at $21,000 or more. However, in some cases assets worth less than $21,000 may be subject to probate.
PROBATE expenses for administration are given payment priority by the courts over most other payments, debts and other distributions.
PROBATE processing may be completed within the average minimum length of time of five to six months. However, it often takes as long as a year. The State’s required period of contest-ability, a county’s case back-load, the settlement of claims, the location, contact and verification of heirs, and auctioning and sale of property all contribute to the extended delays of probate.
PROBATE is derived from the Latin term meaning “to prove.” A Will is not legally enforceable or effective until t is proven valid before the Probate Court. However, once submitted to the court, the probate judge takes control, and make all determinations as the executors, heirs and claims against the estate if the will is ever contested. The Will is reduced to mere evidence and the family loses all control over the estate for the duration of the probate process.
Your Alternative: A Revocable Living Trust.
You can preserve your assets from the slow and expensive probate process through the creation of a Revocable Living Trust. A Trust is the most efficient way to pass along your estate to your heirs without lawyers, courts or the probate system!