Probate can feel overwhelming, especially when you’re dealing with the loss of a loved one. At Schooley Law Firm we strive to make this process as smooth as possible for our clients. Here, we address some of the most common questions about probate to help you better understand what to expect.
What is Probate? Probate is the legal procedure that occurs after someone passes away. It involves validating the decedent's will (if one exists), settling any outstanding debts, and distributing the remaining assets to the beneficiaries.
How Long Does Probate Take? The duration of probate can vary widely. On average, it may take anywhere from a few months to more than a few years, depending on factors like the complexity of the estate, whether there is a will or not, and the jurisdiction's specific requirements. While it can seem lengthy, understanding the timelines can help manage expectations.
Do All Estates Go Through Probate? Not necessarily. Certain assets can bypass probate altogether. Properties held in joint ownership accounts with designated beneficiaries, or assets placed in a revocable trust can often be transferred directly to the heirs, avoiding the probate process. In addition, if the assets in your personal name at your death total less than $50,000, it is possible to avoid some formalities of the probate process.
What Are the Costs Involved in Probate? Probate can incur several costs, including probate tax, court fees, legal fees, and fees to the Commissioner of Accounts. The total cost can vary based on the estate's value and complexities. It’s essential to be aware of these potential expenses early on.
Can a Will Be Contested? Yes, a will can be contested during the probate process. Common grounds for contesting a will include claims of lack of capacity, undue influence by another party, or failure to adhere to proper legal formalities in executing the will.
Navigating the probate process doesn’t have to be daunting. At Schooley Law Firm, we’re here to guide you through each step, ensuring your loved one's wishes are respected and upheld. If you have more questions or need assistance, please reach out to us. We’re here to help you find clarity during this challenging time.
For more information on probate or to schedule a consultation, call (804) 270-1300. Let us help you through this process with compassion and expertise.