Probate is an estate administration process. If you pass away while you are in direct personal possession of property, the distribution of the property would be subject to the probate process.This would be true if you had a last will, or if you had no estate planning documents at all. A caveat to the above statement would be that there is a simplified probate process that could be utilized if the assets that comprise the estate do not exceed $20,000 in value. If the assets do in fact exceed this amount, the full probate process would be necessary.
Topics covered in this report include:
- Probate Drawbacks