3 Things to Know About Probate
- What is probate?
Probate is a court process for handling certain property at a person’s death. Generally, probate includes: (1) proving the validity of decedent’s Will if there is one, (2) identifying people entitled to distributions from decedent’s estate, (3) gathering decedent’s assets that are subject to probate (there can be non-probate assets that do not follow the probate process), (4) identifying potential creditors who the decedent may have owed money, (5) resolving any disputes or claims, (6) paying decedent’s taxes if any are owed, and (7) distributing the remaining property to beneficiaries of the Will, or in accordance with state laws if there is no Will.
- Is probate required?
Sometimes. There are two big reasons why an estate would need to go through probate. First, if the decedent died owning real property in his or her name alone. And second, if the decedent died owning more than $100,000 worth of property.
- How long does probate take?
That depends. Larger more complicated estates can take much longer than smaller estates. Usually, the quickest a probate will be completed is around 5 months, but anywhere from 6-9 months is not uncommon.
If you’d like to set up a free 30 min consultation to discuss estate planning or probate issues, please call Myers Harbor Law, PLLC at (253) 514-9448, or email David@myersharborlaw.com.