|
|
|
* We will NEVER rent, trade or release your information to any third party for any reason - ever.
|
|
Probate Court - Limits and Costs
Probate derives from the Latin for “to prove”, which refers to proving that
the Will presented to the court is indeed the authentic FINAL Will of the person
who passed away. Wills definitely make settling estates a lot easier but there
are times when carrying out a deceased person’s wishes is delayed.
Probate court jurisdictions have changed throughout American history but have
always involved settling the estate of a person who just passed away. The court
is under the authority of the State Judiciary and applies state laws on probate,
which differ across states but hew close to certain general guidelines.
Aside from settling a decedent's estate, the court's jurisdiction may also
include adjudging titles to personal properties or real estate and assessing the
intentions of as well as managing trusts. Some probate courts even hear
petitions for name change.
There are matters regarding a decedent's estate that need not undergo probate,
however, such as benefits from retirement, annuity, and insurance policies. A
beneficiary may receive payments from any of these without a court order.
Also, if a bank account is established as a POD (pay on death) or trust account,
then an heir can directly inherit it sans a probate hearing. In the same way,
where a living trust exists, the property held in trust may pass to an heir sans
probate.
Probate Court Costs
Probate court costs are established through state laws and may consist of any of
the following.
• executor or conservator fees
• court document filing fee
• certified copy costs
• surety bond fee
• attorney's fees
• accountant's fees
Costs generally fall around less than 10% of the entire value of the decedent's
estate. When the Will is contested, probate costs can pile up!
The Probate Period
The probate period depends on the laws of the state that has jurisdiction. In
California, for example, the probate period must not last longer than a year.
But where federal estate taxes are filed, the allowable period can stretch up to
a year and a half.
Other matters that could draw the probate period out are the following:
• When the Will is contested.
• When the estate is large and complex.
• When the heirs cannot be found.
If delays occur, the executor or person in charge of administering the estate
should file a formal explanation to the probate court. If the executor fails to
do this, the heirs may request the court to order compliance. If the executor
still does not comply or is deemed by the court to be unable to adequately
perform its duties, then a new executor may be named.
---
Ready to conduct your own probate court records search? Visit
RecordsSiteReviews'
probate court documents section for a list of today's top
providers.
|
