Probate originally meant “relating to proof; afterwards, relating to the proof of wills.” The proof before an ordinary, surrogate, register or other duly authorized person that a document produced before him for official recognition and registration, and alleged to be the last will and testament of a certain deceased person is such reality. - Black’s Law Dictionary Read more: http://blog.passare.com/2013/10/04/probate-planning-infographic/ | Passare.com Blog

1. Probate Planning
How Pricey Can Probate Be?
The very short answer –
estimate about 8% of your estate.
Fun Facts About Probate
The longest will ever probated was 1,066 pages
and 95,940 words. An English woman,
Frederica Evelyn Stilwell Cook, holds this record.
The shortest known wills are only three words
long, reading, “all to son” and “all to wife.”
Probate is the court-supervised process by which
your assets are gathered up and inventoried, any
debts you have are paid, and any remaining assets
are distributed. Most people want to avoid it
because it is expensive, time consuming and public.
What is Probate?
The estate is valued by a probate referee and may be
challenged by any interested creditor.
The Longer Answer –
Probate consists of court fees, fees for the attorney
and fees for the executor.
A rough estimate of 2% the size of the estate works
pretty well for an average estate, but closer to 4%
for smaller estates.
Once the value of the probate assets are computed,
both the Attorney and the Executor each get:
A. 4% of the first $100,000
B. 3% of the next $100,000
C. 2% of the next $800,000
D. 1% of the next $9,000,000
E. 0.5% of the next $15,000,000
F. Over $25 million a “reasonable” amount to be
determined by the court.
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MAIL
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January
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#1. File a probate petition along with copy of the will
#2. Petitions are send to everyone named in will and intestate heirs
#3. Copy of the petition must be published in a local newspaper
#4. Court holds the petition for about 4 weeks
#5. Court determines executor
#6. Filing of creditor claim (if applicable)
#7. Executor marshals assets and evaluates creditor claims
#8. Appraise assets and challenges to will addressed
#9. Executor presents distribution plan
#10. Court approves and estate is distributed
#11. Probate is finally closed!
WILL
CLOSED
Each probate process is different depending on the complexity of the estate.
Please see End-of-Life Planning Toolkit #3: Understanding Probate for an
in-depth explanation of probate.
B A N K