What is probate?

 

 

WHAT IS PROBATE?

“What is Probate? is one of the most important legal questions to be addressed.  Probate is the formal settlement process of an estate after someone passes away. Here in Florida for a formal administration, formal probate will typically run five or six months on up to 12 months, and can be more –  just depending.

When we take a look at probate one of the things that you have to consider is the cost involved. Now that cost does vary typically based on the size of the estate but for many people you’re looking at somewhere between 3 to 5% of the value of the estate that will be spent with costs associated with probate. Those costs go to things like court costs, CPA fees, appraisal costs, attorney fees, it really all adds up.

In a nutshell, probate is a lawsuit that you file against yourself for the benefit of your creditors. It’s an open process, open to the public and your estate is now subject to the timeframe of a judge’s discretion.

ADDITIONAL RESOURCES:

Does Your Estate Plan Need An Annual Checkup? 
No Will? There’s A Way: Florida Intestate Proceedings
Probate & Trust Administration
Advantages And Disadvantages Of Probate 
Is Probate An Expensive Process?
Understanding Probate: An Overview Of The Florida Probate System
Should I Try To Avoid Probate If Possible?
Estate Planning Basics: Why Avoiding Probate Is Preferable
How Can I Avoid A Long, Complex Probate Process?
Are There Any Assets That Are Not Required To Pass Through Probate?
Executing An Estate: 8 Key Duties Of The Executor  
A Brief Overview Of Portability
Hollow Testaments: Understanding Florida Holographic Wills
Rule 41f And The Continuing Importance Of Gun Trusts
John Mangan