2. What is Probate?

"Probate" is a court supervised "title transferring" process that takes place after you die. The main reason children typically have to go through Probate is that they need to transfer the "title" of their parents assets to themselves after their parents die.

The typical probate court proceeding lasts a minimum of eight (8) months and usually takes about one year, although it is not unusual for a probate to take several years.

On average, the fees associated with probating an estate range from 6% to 15% of the gross value of the estate and include fees for the attorney (which fees are based on the gross value of your estate), the executor, the probate referee, bond costs, newspaper publication costs, accounting fees and court filing fees.

 

1. State Law vs. Federal Law.
2. What is Probate?
3. Why "Joint Tenancy" may create income tax problems.
4. What is a "Living Trust" and how does it avoid probate?
5. Do I need a Will if I have a Living Trust?
6. How are Retirement Plans handled in an estate plan?
7. Can a Living Trust Reduce Inheritance Taxes?
8. Durable Powers of Attorney.
9. What is a "Living Will"?
10. Guardianship for Minor Children.
11. What information do I need to start my estate plan?
12. Glossary of Terms.

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