What is probate?
Probate is a legal proceeding to administer certain kinds of property (called probate property) owned by someone who has passed away (the decedent), and to see that claims, expenses and taxes are properly paid, and that the remaining estate is distributed to those entitled to receive it under the decedent's Last Will and Testament.

The term "Probate property" refers to all property owned and titled under the decedent's name alone. It is distributed in accordance with the deceased Will in according to State Law. A probate proceeding is carried out in the probate court of the county where the deceased property owner lived. If the deceased also owned real estate in another state, additional proceedings may be necessary in that state depending on state law.

What property is not included in probate?
Property that is not probate property, and therefore is not part of the probate proceeding, includes: property held by the decedent and another as joint tenants with right of survivorship; property held in a trust; accounts that are payable on death (POD) or will transfer on death (TOD) to a named beneficiary; and insurance or retirement benefits that are payable to a named beneficiary. Therefore it is possible to avoid or reduce the costs of probate through a properly devised plan, therefore ensuring the maximum is transferred to your Family.

Property that must be included in probate and property that is subject to estate taxes are two different matters. Even if property is not included in probate, it still may be subject to federal or state estate taxes.

Why is probate necessary?
Probate is essential to provide the executor or administrator with the legal authority to deal with the decedent's probate assets. The executor or administrator has the authority, power and duty to take control of and protect the assets of the decedent's estate. Probate then requires a process for the payment of outstanding debts, taxes and the expenses of administration, and for the distribution of the remainder of the estate to the beneficiaries and heirs.

What does probate involve?
Probating an estate requires the appointment of a person to carry out the administration of the estate. Should a Will be in existence, this person usually is named in the will and appointed as the executor. However, should there be no will or no person named under the will, then the Court will appoint a person to act in this capacity called an administrator. The executor or administrator may be any of the following:

An individual Probate
A Bank
A Trust Company Probate

The executor or administrator takes care of the following tasks:

collecting debts, claims and notes due the decedent;
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caring for all property of the decedent;
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determining the names, ages, addresses and degree of relationship of all heirs;
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receiving payments due the estate, including interest, dividends and other income;
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investigating the validity of all claims against the estate and paying all outstanding obligations including federal, state and local estate and income taxes;
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carrying out the instructions of the probate court pertaining to the estate and distributing the assets of the estate to the heirs.
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planning for federal and state taxes and preparing and filing estate tax returns when required;

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The probate court judge and support staff supervise the work of the executor or administrator. These actions require the preparation and filing of numerous legal documents, the provision of notices, hearings in court, an appraisal of the assets of the estate, an inventory of the assets, completion of final income tax returns and possibly gift and estate tax returns, an accounting of funds, final transfer of all assets to beneficiaries, termination of the probate proceeding, and discharge of the executor or administrator by the probate court. Because of the complexity of these procedures, the assistance of an attorney usually is needed.

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However, should the total value of all property in the decedent's individual name be $35,000 (average amongst states) or less, the estate can be relieved from some of the administrative requirements. On the other hand, where the decedent's spouse is entitled to receive all of the estate's assets, the amount that can be relieved from formal administration is augmented to around $100,000. (Amount varies between states)

How much does probate cost?
The costs assessed by the probate court are based on a dedicated schedule of charges established under law dependent on the type of document filed in the court. Costs generally are around $250. Attorney fees can vary for handling matters in relation to the estate and generally, be approved by the court and more often are based on an hourly rate for the actual services performed by the attorney. The executor or Court administrator is paid a fee set under state law based primarily on a designated percentage of the value of the estate assets administered.
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How long does probate take?
Claims against the estate may be made up to six months from the date of death. Although a small estate that does not require the filing of a state estate tax return and has no creditor issues often can be settled within six months of the appointment of the executor or administrator. Nevertheless, should a state or a federal estate tax return be needed, the administration of the estate or the probate process can take up to a year or more. Although, should an audit of an estate tax return be required, the process can take an extra year or more to complete. This leads to the possibility that the executor or administrator appointed will not be able to distribute all of the estate assets until such time that they are released from personal liability for estate taxes upon the completion of the audit.

What's more, an extraordinary administration working in a situation where a Will has been contested or complicated tax litigation has arose, several years may be required to complete the probate process. Giving this it is advisable that proper estate planning techniques be considered for those looking towards the future. Probate

Although, in most cases, the distribution of most of the assets can be released to the intended beneficiaries before the probate process has been completed. Probate

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Do I need a will?

If you die without making a valid Last Will and Testament, you will lose control over who your assets are given to, who will take care of your children; and you risk having your estate substantially depleted due to the huge legal and other professional fees associated with intestate administration. Making a valid Last Will and Testament is the only way to ensure that your property passes to people of your choosing rather than to persons appointed by the Courts. A legal Will will also save your estate thousands of dollars (literally) in unnecessary intestate administration expenses. Probate

"The Executors Probate Guide" sets out the Executors duties and responsibilities during Probate step by step and has been described as a mush have for any executor new to the Probate process.
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Discover the Truth About The Probate Process

Name:	The Executors Probate Guide
ISBN:	978-1-906144-05-0
Pages:	26
Pub. Date	Nov 2007 (3nd Edition)
Edition	United States
Summary	This legal Kit explores every aspect of the Probate process right through from the reading of the Will to obtaining probate and distributing assets! This is a must have guide for any executor of a Will.
Includes:	Detailed instructions and Lawyer prepared legal forms
Format:	Downloadable pdf $29.95