What is Probate?
Probate is a word that gets thrown around a lot by estate planning attorneys but do you really know what probate is?
Probate is the process by which your assets pass to your heirs with the court's oversight. To start a probate, you file a petition, a death certificate and the will with your local court. If you do not have a will then the state in which you live will provide one for you. HINT: set up a will, the state's will probably doesn't pass your assets the way you want them to pass.
Once the probate is opened, then the court oversees the payment of all debts and expenses relating to the estate and then the final distribution of assets. Depending on state law and complexity of the estate, this process can take anywhere from one month to several years. Probate, however, is expensive and public record.
If you have any other questions regarding the probate process, please contact our attorneys at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, Florida.
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