Understanding Probate
Your Will cannot keep your heirs from probate court.
What Is probate?
PROBATE is the public legal process by which property from an estate is transferred to the 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 contestability, a county’s case backload, the settlement of claims, the location, contact and verification of heirs, and the 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 it is proven valid before the Probate Court. However, once submitted to the court, the probate judge takes control, and makes all determinations as to 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.
What Is probate?
1. Privacy: Probate requires frustrating intrusion by the court, lawyers, and the public into a very emotional, private, family time.
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2. Public Knowledge: All of your affairs will become public knowledge. The contents of your Will would be on file in the courthouse for all to read – and Wills are read. They are read by salesmen, by newspaper reporters and by the morbidly curious, all seeking in one way or another to take advantage of publicity required by the probate process.
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3. Time: Probate takes time. Generally probate takes at least six months to complete.
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4. Cost: On National average, the probate process takes anywhere from 5-10% of your family estate, out of THE hands of your beneficiaries, and gives it to the Court and other outside individuals or agencies.
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5. Competence: If you are not competent at any time before your death, your selected agent can serve as conservator of your property. This will avoid the embarrassing and expensive probate proceeding, wherein your children would have to prove that you are not able to manage your own affairs.
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6. Michigan State Recover Act: A recently passed Michigan Law will put your Probateable Estate in jeopardy of a Medicaid lien.
