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thresholds that must be met. For larger value estates, a substantial amount of paperwork is required to validate the will, determine asset distribution, settle disputes, pay off remaining debts, and finally close the estate by paying the decedent’s final taxes. This process can be timeconsuming and vulnerable to challenges from family members and creditors.

A checklist of documents to gather may include the following:

✓ Death Certificates

✓ Final Will

✓ Revocable trust documents

✓ Heir and beneficiary contact information

✓ Pre- and post-nuptial agreements

✓ Three years of federal and state income and gift tax returns

✓ Life Insurance policies

✓ Real estate deeds

✓ Titles to vehicles

✓ Statements of financial accounts

✓ Contracts and business agreements

✓ Other assets that are known

✓ Debts like credit cards, car payments, etc.

✓ Ongoing bills like mortgages

✓ Medical and funeral expenses

Probate Proceedings

Without a Will Attorney Connelly explained that if someone passes away without a will, their estate will be subject to their state’s intestacy laws. This means who receives what will depend on their closest relatives, such as their spouse, children, parents, or siblings. However, it’s important to note that not all property is subject to these rules. Any property that passes outside of a will is not subject to intestacy laws.

with a directly named beneficiary. However, any individual property without a beneficiary designation will be subjected to the probate process at the court’s discretion. There are some assets that will avoid the probate process under state property title, state contract, or state trust law.

Cost of Probate Probate can be quite costly, especially in more complicated cases that may take years to resolve. This is why many people seek our services to develop an estate plan that minimizes probate proceedings. While the probate process can be frustrating for rightful heirs, it is necessary to comply with legal requirements. The cost of probate varies by state but typically involves administrative fees and legal expenses that can amount to five to ten percent of the estate’s value. In some cases, costs can even reach up to twenty percent.

Additional expenses may include compensation for the executor, court fees, and probate bonds, which may be refunded after probate pceedings are completed.

Beneficiary disputes are the most common reason for high probate costs, as ongoing litigation can be expensive. Preparing and filing the decedent’s last estate tax return and any resulting audits may also increase the cost of probate.

Probate can be challenging, especially since the laws surrounding it are specific to each state. Different states have different valuation

When property is placed in a living trust and beneficiaries are named, it will pass directly to them. This also applies to other properties, such as life insurance or retirement accounts

How can one avoid the probate process? Create an estate plan with a revocable living trust to allow assets to pass outside probate. Depending on your situation, other types of trusts may also be recommended. It’s crucial to keep the named beneficiaries on accounts that pass outside of probate up to date. Regularly reviewing your estate plan with our office can help reduce probate court interactions and simplify the entire process.