What is probate?
Probate is a public process controlled by the state in which assets you own at your death are are transferred to your heirs or legatees. Every will must go through probate. Other assets must go through Probate even though they do not pass through your will. “Probate assets” may include:
- Real property that is titled solely in the decedent’s name
- Personal property not transferred to a living trust
- Bank accounts solely in the decedent’s name
- A life insurance policy or brokerage account not naming anyone or naming the estate as beneficiary
- A retirement account not naming anyone or naming your estate as beneficiary
Assets that do not need to pass through probate or “Non-probate” assets may include:
- Property held jointly
- Bank or brokerage accounts held jointly
- Property held in a trust
- A life insurance or brokerage account that names someone other than the estate as a beneficiary
- A retirement account that names someone other than the estate as beneficiary
How long does probate take, and how much does it cost?
The time it takes to complete probate, and the cost can vary depending on several factors, such as the value and complexity of your estate, the existence of a will, and the location of real property owned by the estate. Will contests — in which a party objects to your will — and disputes with creditors over the estate’s debts may also lengthen probate and increase the cost. Common probate expenses include:
- Executor fees
- Attorney’s fees
- Accounting fees
- Court fees
- Appraisal costs
- Surety bonds