When a loved one passes away, the last thing you want to think about is the legal process that follows. Here at Borell Law, we guide you through this daunting process with patience; ensuring you walk away feeling empowered about your decisions and the outcome. Understanding the probate process is essential, as it ensures that the deceased's assets are distributed according to their wishes and the law. Let's embark on this journey together and unravel the probate process step by step.
Probate, at its core, is the legal procedure for the closure of a decedent's affairs, including the distribution of assets and payment of debts. Unfortunately, it can be a time-consuming and expensive ordeal, typically devouring around 3% of the estate's value. This is why it's crucial to plan, sparing your loved ones from the added stress of probate during their grieving period.
One essential step in preparing for probate is ensuring that your financial affairs are well-organized. Consider designating beneficiaries for your bank accounts, using the "ITF in trust for" designation. This simple step ensures that your accounts automatically transfer to your chosen beneficiary upon your passing, bypassing the probate process. Similarly, for your real estate, you can name someone to inherit it upon your passing, which would eliminate the probate process for your property. By taking care of these details while you're still alive and well, you can significantly streamline the probate process for your loved ones.
One question you might find yourself asking as well is, "How long does probate typically take, and can it be expedited?". The duration of probate can vary significantly, but it usually falls within a range of 10 months to 2 years. However, several factors can influence this timeline, including the complexity of the estate and the presence of disputes. Efforts can be made to speed up the process, such as prompt filing of documents, efficient communication with beneficiaries, and cooperation among all involved parties. Having a skilled probate attorney by your side can also help you navigate potential delays and ensure a smoother, faster resolution.
When probate disputes arise, added hurdles present themselves at an already difficult time. One common issue is when named beneficiaries pass away before the decedent, as in the following example given to us by our own Alexander Borell, who typically handles probate cases himself.
We had a case where a man had eight children. Tragically, some of his children and even a few of his grandchildren passed away before he did. A challenge emerged when it was time to figure out who would inherit the shares that belonged to the deceased family members when the grantor passed away because no other wills or trusts were left behind. This is precisely when the probate process becomes intricate and potentially contentious. Luckily, in the end, Alex was able to help in divvying up all the assets and all the parties walked away as content as they could be given the circumstances.
In conclusion, understanding the probate process and taking proactive steps to streamline it can provide immense relief for you and your loved ones. An experienced probate attorney will be well-versed in probate law, estate planning, and asset protection, which is what you should look for in someone handling your hard-earned assets that you intend to pass down to people you care about. Don't leave your legacy to chance! Contact our probate and real estate attorneys today to ensure your assets are protected and your wishes are carried out, sparing your loved ones from the burden of a complicated probate process. Whether you're considering drafting a will and testament, or need help with an ongoing probate case, we're here to provide you with the expert guidance you need.
