Common Questions About The Probate Process
Are you about to go through probate to settle an estate, and not quite sure what to expect? You likely have several questions about the process so that you can be well prepared for what will happen.
In What Situations Is Probate Not Required?
Nobody wants to go through probate if you do not have to, and probate is usually not necessary for small estates. While laws will vary between estates, know that it usually means that there is no real estate changing hands and very little in cash assets to distribute. If this sounds like it applies to you, know that it is possible to avoid probate completely. It may be as simple as having the trustee filling out a single form to declare that the estate qualifies as a small estate and can avoid probate.
Is A Lawyer Necessary To Go Through Probate?
While it is never necessary to have an attorney help you with the probate process, know that it is going to save you money, time, and the potential liability of doing things incorrectly. You'll likely be able to handle a small estate with a small attorney, but having a probate lawyer on your side for a large estate can benefit you in many ways. At the very least, you will want to consult with an attorney when questions come up during the probate process and you are not sure how to handle the problem within the law.
What Is A Probate Bond?
A probate bond is insurance that the executor will not make mistakes with distributing the estate's assets. You can select a non-surety bond, which is when the executor gives their personal guarantee that no mistakes will be made, and if mistakes do happen, the executor will be held personally liable. The other option is a surety bond, which is when you pay a premium to an insurance company to cover mistakes made by the executor. If you use a surety bond, you will likely need a lawyer for the insurance company to provide you with the protection you are seeking.
What Happens When Assets Reside In Multiple States?
If the estate had assets in multiple states, such as real estate, know that you will need to go through the probate process for each state that had assets. This can make the probate process much more confusing than you anticipated in order to distribute a vacation home or hunting land that are located across the country.
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