When a person dies, what happens to their money and other assets? Ultimately, the answer to that question will be determined by the wishes they expressed in their estate plan. Before the estate can be passed on to their loved ones, though, it must pass through the probate process. But what does probate mean?
Probate Definition, or What Is Probate Court
Probate is the judicial process through which a will is “proved,” taxes and debts are paid, and ultimately what remains is distributed to the decedent’s heirs. At Miller Law Firm PC, we help clients with estate administration, including guiding them through the probate process and consulting on how to partially avoid probate or simplify it. In today’s blog post, we’re answering some of our clients’ most common questions about what to expect from probate.
Does a Will Have to Be Probated?
Not necessarily. There are certain types of assets that get to skip probate. These include any assets held in a living trust, jointly held real estate and bank accounts, payable-on-death accounts, and life insurance policies with beneficiaries - avoiding probate is absolutely legal with such assets. The deceased’s next of kin can also access up to $10,000 from bank accounts and $10,000 in wages without probate.
What is Probate in Pennsylvania and Massachusetts?
Every state handles probate a little differently, but both Pennsylvania and Massachusetts have two types of probate: Regular probate and simplified probate. Simplified (informal) probate was created to make the process easier for small estates with under $50,000 in assets.
What Is a Personal Representative?
A personal representative is also referred to as the “executor” or “administrator” of a will. This person may be named in the will, or if the deceased had no estate plan in place, a personal representative can step forward and must be appointed.
The role of the personal representative is to collect all the estates assets, track down all creditors, pay taxes, and finally distribute what remains to heirs. During this time, the personal representative also protects and maintains all of the probate estate assets. The probate court oversees all this to ensure there is no mismanagement according to probate law.
Who Will Inherit the Estate If the Decedent Left No Will?
If the person who died did not have an estate plan in place, their assets will be distributed among their next of kin in accordance with intestate law.
Is probate bad?
People often ask: “How much does an estate have to be worth to go to probate”, because probate has a bad reputation for being a long, stressful, and expensive process. While this is sometimes the case, it isn’t always. Smart estate planning can keep certain assets out of the probate and ultimately makes the process easier, quicker, and less expensive.
Who Can Help Me With Estate Planning or Estate Administration, Wills And Probate?
Whether you’ve decided to create an estate plan to make the probate process easier for your loved ones, or you’ve recently lost a loved one and need help administering their estate, you need an experienced attorney by your side. The Miller Law Firm team is here to help. Contact us today to learn about our services and discuss your unique situation.