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, 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, what probate is is it’s 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.
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