What to Know about Probate

What to Know about ProbateProbate has a reputation for being expensive, lengthy, and difficult. While all three of these characteristics can be accurate, the probate process is necessary for the majority of estates. Probate can be very complicated and it is important to hire knowledgeable Bryan probate attorneys to help you through the process

 Why Probate is Necessary

Probate is the process by which the court evaluates the status of an estate after death to ensure that all expenses to creditors, claims, and taxes are paid, and that the remaining assets are distributed to beneficiaries in accordance with the wishes reflected in the will. If an individual is named in the will to handle the estate, this person is termed the administrator. If no such person is named in the will, the court will name an individual, the executor. This individual is responsible for the handling of the estate’s assets.

Dependent and Independent Administration

The instructions in the will may call for independent or dependent administration. If dependent administration is ordered, the administrator must request permission from the court for any significant decisions regarding the handling of the assets in the estate. This can prove very time consuming, expensive, and difficult. An independent administrator, on the other hand, has a much higher degree of autonomy and does not need to report to the court for each matter that arises. Moreover, the independent administrator is not required to post a bond. This is an insurance policy meant to protect the estate from carelessness or dishonesty on the part of the administrator.

Probate Is Not Always Necessary

Not all assets in an estate need to be probated. The following types of assets do not need probate:

  • Assets held as community property with right of survivorship
  • Proceeds from a life insurance policy
  • Annuity benefits designed for the survivor
  • Property that is held as joint tenancy with right of survivorship
  • Bank accounts that have been set up to allow for transfer of assets immediately upon the holder’s death

How Long You Can Expect Probate to Take

The probating of a small estate may take a half year or less. However, if an estate is sizable and there are claims against it, the probate process can take substantially longer. That said, it is not always necessary for all probate issues to be settled before some of the assets are distributed.

 

For Questions or Assistance with Probate

If you are involved with the probate of an estate, it is important that you have strong legal representation. Call the Bryan probate attorneys at Peterson Law Group to arrange a consultation: 979-703-7014 or 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.