understanding probate - infographic
DESCRIPTION
Probate originally meant “relating to proof; afterwards, relating to the proof of wills.” The proof before an ordinary, surrogate, register or other duly authorized person that a document produced before him for official recognition and registration, and alleged to be the last will and testament of a certain deceased person is such reality. - Black’s Law Dictionary Read more: http://blog.passare.com/2013/10/04/probate-planning-infographic/ | Passare.com BlogTRANSCRIPT
Probate Planning
How Pricey Can Probate Be?
The very short answer – estimate about 8% of your estate.
Fun Facts About Probate
The longest will ever probated was 1,066 pages and 95,940 words. An English woman, Frederica Evelyn Stilwell Cook, holds this record.
The shortest known wills are only three words long, reading, “all to son” and “all to wife.”
Probate is the court-supervised process by whichyour assets are gathered up and inventoried, any debts you have are paid, and any remaining assets are distributed. Most people want to avoid it because it is expensive, time consuming and public.
What is Probate?
The estate is valued by a probate referee and may be
challenged by any interested creditor.
The Longer Answer – Probate consists of court fees, fees for the attorney
and fees for the executor.
A rough estimate of 2% the size of the estate works
pretty well for an average estate, but closer to 4%
for smaller estates.
Once the value of the probate assets are computed,
both the Attorney and the Executor each get:
A. 4% of the first $100,000
B. 3% of the next $100,000
C. 2% of the next $800,000
D. 1% of the next $9,000,000
E. 0.5% of the next $15,000,000
F. Over $25 million a “reasonable” amount to be
determined by the court.
#1 #2
#3#2January
#4
#5
#3
#6 #7 #8
#9 #10 #11
#1. Fi le a probate pet i t ion a long wi th copy of the wi l l#2. Pet i t ions are send to everyone named in wi l l and intes ta te heirs#3. Copy of the pet i t ion must be publ i shed in a local newspaper#4. Court holds the pet i t ion for about 4 weeks#5. Court determines executor#6. Fi l ing of credi tor c la im ( i f appl icable)#7. Executor marshals a s set s and eva luates credi tor c la ims#8. Appraise as set s and chal lenges to wi l l addressed #9. Executor presents dis tr ibut ion plan#10. Court approves and es ta te i s di s tr ibuted#11. Probate i s f inal ly c losed!
WILL
CLOSE
D
Each probate process is different depending on the complexity of the estate. Please see End-of-Life Planning Toolkit #3: Understanding Probate for an
in-depth explanation of probate.
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