Probate 101: All You Need to Know
Whether you’re sitting on a fortune or only possess a few family heirlooms worth more sentimental value than cash, your estate will go through probate after you die. With the help of a good probate attorney, your assets are protected and your possessions end up where you want them to be. Without a basic understanding of the probate process, it’s tough to understand exactly where your money and belongings will go after you die.
What is Probate?
In general, probate is used to identify the method in which your estate is processed and administered through the legal system after you pass away. The probate process helps to ensure that your estate is transferred in a supervised and orderly manner through the courts.
The probate process can easily be referred to as the script that guides the organized transfer of your wealth and belongings according to rules set by the state or federal government.
Probate applies to both individuals with a will and those without a will. All estates go through a probate period after a death.
Individuals with a valid will have pre-determined exactly how the estate should be transferred.
Individuals without a valid will, or those with a partial will, are subject to the laws in the place of residence to determine who gets what out of the specific estate.
After you die, your estate goes in to the probate process, and your wealth is distributed in the following manner:
- Costs of estate administration
- Family allowance
- Funeral expenses
- Debt and taxes
- Any leftover claims
Help With Wills and Probate
It’s almost impossible to predict exactly when you will pass away, and your estate is something you’ve worked hard for your entire life. Don’t take a risk with the things that are most important to you when a probate attorney is just a phone call away. Call us at William E. Hesch Law Firm, LLC, to speak to a qualified attorney about your will.