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"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.
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