Probate



	With a will, your estate must go through probate court!

What is probate?

Probate literally means "Proving the Will."
During the Probate Process the following is accomplished.

The Estate is inventoried and evaluated.

The validity of the will is established.

All creditors are paid.

All liens are satisfied.

All taxes are paid.

A public forum is established to hear any claims that anyone has against the estate.

Any will contest must be heard.

All Attorney's fees, filing fees, court costs, appraisal fees, accounting fees, etc., for the probate process, must be paid in full.

Whatever is left of the estate is then divided among the rightful heirs.

What is the cost of probate?
Time!!!!
An AARP study on Probate said, "The average time in the probate process was one year and three months ." Public records show many estates were tied up in probate for years.
Money!!!!
The AARP report said, "The average cost of probate consumed 5 to 10 percent of the gross estate." "In some cases, attorney's fees consume 20 percent or more of estate value."
Disadvantages of Going Through Probate
1.   Impounded Accounts
2.   Impounded safety deposit boxes
3.   Probate court costs
4.   Waiting Periods (1-3 years)
5.   Attorney Fees
6.   Executor Fees
7.   Administrative Fees
8.   Public Disclosures
9.   Expensive Appraisals
10. Premature Payment of Debts
11. Bonds to Post
12. Outside Third Person Control
13. Forced Asset Liquidations
14. Forced Asset Distribution
15. Expensive Litigation
16. Possible Federal Estate Taxes

*Probate costs must be paid from your estate before your
assets can be fully distributed to your heirs.


	THE STATEMENTS HEREIN ARE NOT A SUBSTITUTE FOR THE ADVICE OF AN ATTORNEY, AND DO NOT CONSTITUTE LEGAL ADVICE.


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