What is Probate of Will?
The formal legal procedure known as “probate” designates the executor or personal representative who will manage the estate and transfer assets to the specified recipients and recognizes a will. In order to ascertain whether a probate action is required, whether the fiduciary must be bonded (a requirement that is sometimes waived in the will), and what reports must be filed, it is a good idea to speak with an attorney. This is because state regulations vary. Contrary to what many sellers of living trusts and other goods imply, most probate proceedings are neither expensive nor drawn out.
Whether the estate is managed by an executor in probate or whether probate is avoided because all assets were transferred to a living trust during a lifetime or jointly owned, the essential tasks of administration and accounting for assets must be completed. Over time, many states have streamlined or simplified their probate procedures. In such states, there is currently less justification for using probate avoidance strategies unless there are still good reasons to keep probate to a minimum. More crucial than limiting probate in estate planning is avoiding the genuine problems that can complicate probate, like heirs’ litigation.
Ask an Estate Planning Attorney Today
For guidance on guardianship, consult with a qualified elder law attorney in your area. For more information, go to Hudack Law Estate Planning Attorney and areas of service. We proudly serve California and Arizona; please call our California line at (877) 314-4309 or our Arizona line at (602) 777-7882.