Probate is a lengthy and expensive process which on average can take eight to twelve months to complete. The process is expensive. Closing a small estate could cost the estate thousands of dollars in legal fees. Closing a large estate could cost tens of thousands.
Closing a probate can only be accomplished by successfully performing a variety of steps. The court provides little forgiveness for mistakes, which is why the majority of executors hire an estate planning attorney to assist them.
The necessary steps to close a probate include: proving in court the validity of the decedent’s will (if there is one) and being appointed executor of the estate; identifying and inventorying the decedent’s assets; keeping track of expenditures; paying the estate’s debts and taxes; filing a tax return for the decedent; having the property or properties appraised; distributing the assets; filing an account with the court (which means listing any income gained by the estate after the date of death; as well as listing all expenses and estate distributions). … All of which must be completed in a certain order and within a strict time frame.
In addition to the aforementioned, the executor may be responsible to file a notice to creditors in a local newspaper and to post bond.
Without question, the best approach towards probate in most cases is to skip it altogether. This can be accomplished with the use of a valid trust agreement.
However, whether one is in a position where they are leaving assets to heirs, or in a position where they acting as executor with the responsibility of closing a friend or loved one’s estate, the best option always, is to consult a qualified attorney.
Mar 10
