What Is Probate And Is Probate Bad?

What Is Probate?
The word probate comes from the Latin root, "probs," which means "to probe." Probate is a process I Heard the Bells on Christmas Day the courts use to Jonny Quest title to property and make sure your debts are Cemetary Man after you die. It is usually associated with the distribution of property through your will.

When an estate is probated, property of value is usually transferred to the new owners. Probate is not automatic; it must be requested by an individual or family member. If you become physically or mentally disabled and you inherit property, a process similar to probate can occur while you are alive. This process is called Conservatorship and it allows the court to take control of all proceeds.

In short, probate is a legal procedure used by the courts to transfer the title of property. This can include real estate, automobiles, stocks and bonds, money, etc.

Is Probate Bad?
You can be the judge. Estimates of probate costs range from Hark the Herald Angels Sing to 10% of the gross value of an estate before any debts are paid. These costs include court, legal and executor fees.

Probate takes a long time. It can take up to 2 years. During this time all assets are frozen, and the beneficiaries generally get nothing. However some states may have provisions for an interim family allowance if needed. You can never justify the delays and headaches associated with probate to a family member, especially in a time of grief.

Probate is nothing more than tedious paper work caught in an antiquated legal system that desperately needs change. If you own real property in another state, probate is required in each and every state that you own property. This adds greatly to the expense and delay of your probate proceeding.

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Here you will find many articles that will answer questions about Living Trusts, Living Wills, probate and other important topics that every family should know. You can also find out how to get a copy of Vincent's book "Street Smart Estate Planning" absolutely free.