In eBook #3: Understanding Probate, Robert L. Shepard and Passare.com™ explain the important factors of probate court that directly affects you and your survivors. Under probate, state laws determine who is in control of your estate and where your assets go. If you do not provide instructions to allocate and disburse your property and assets upon your death, the court will take control of your estate. The court, known as probate court, will confirm that there is a will, estate plan or trust and designate a court appointed executor to administer document instructions. The length of time and cost for probate depends on the details in your end-of-life documents.

1. End-of-Life-Management Workshop #3
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2. The dead cannot cry out for justice.
It is a duty of the living to do so for them.
Lois McMaster Bujold
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3. Definition: Probate
• Probate is a court-supervised process to
transfer property to your beneficiaries
upon your death as directed by your will.
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4. Benefits of Probate
• Provides court supervision to ensure your
property is accounted for and distributed
as described in your will.
• Probate makes it difficult for unsecured
creditors or others to claim any interest in
your estate, once the creditors’ claim
period expires.
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5. 2 Probate Activities
1. Probating the Will:
• Establishes the validity of the will and
appoints a personal representative.
2. Administering the Estate:
• Implements the provisions of the will under
the jurisdiction of the probate court.
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6. Probate Court
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Identifies property
Pays debts
Locates your heirs
Distributes property to those heirs
Handles mental incapacity determinations
Guardianship
Conservatorships of adults
May appoint a conservator for an
incapacitated person
• Administers that person’s estate for several
years more.
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7. Probate assets do not become the property
of the beneficiaries until the probate process
is complete and the court approves the final
distribution.
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8. How-to Avoid Probate
• Living trust
• create and fund a revocable living trust.
• Shift property ownership
• Real estate, bank accounts, and securities owned as joint
tenancy with right of survivorship are not subject to
probate when one owner dies and there is a surviving
owner.
• Trust or account
• Bank, brokerage, and mutual fund accounts may include a
pay-on-death or transfer-on-death designation.
• Hire an attorney
• An attorney and/or accountant usually must be hired to
help administer your trust or other non-probate estate and
to prepare the estate tax return.
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9. Probate and Administration Fees
• Fees are based on property, which is
subject to probate
• Fees do not include life insurance,
retirement accounts, or joint tenancy
property
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10. 7 Steps to the Probate Process
• Executor files a probate petition, along with a copy of
the will.
• Copies of the petition are sent out and published
• 4 to 6 weeks later the court determines who shall be
named as executor or administrator of the estate.
• Anyone who believes the deceased owed them money
must file a creditor claim.
• Executor or administrator marshals the assets, and
evaluates the creditors’ claims.
• Executor or administrator proposes a distribution plan
to the court.
• Once the court approves it, the estate is distributed
and probate is closed.
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11. What to Do Next
• Arrange your financial affairs to reduce
your family’s estate tax liability
• Minimize the impact of probate on the
administration of your estate after your
death.
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12. There’s MORE!
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2.
Get a Full Probate Checklist
Glossary of Probate Terms
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Understanding Probate - eBook
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Sources:
http://www.shepardestateplanning.com
http://www.ycollaborative.com/blog/
http://www.frenchfunerals.com
http://www.law.cornell.edu/wex/table_probate
http://www.law.cornell.edu/wex/table_probate
www.abanet.org
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