Probate
Probate
When one passes away without any prior legal arrangements, their situation is referred to as “intestate.” In such cases, their possessions – including their home, vehicles, bank accounts, investments, and more – are subjected to a court process known as “Probate.”
Unfortunately, the Probate process can impose significant financial burdens on the bereaved family, often costing them thousands of dollars over an extended period of time. This situation not only hampers their ability to grieve but also forces them to contend with court-related expenses and the stressful intricacies of legal affairs due to inadequate planning.
In the event of one’s passing, the default distribution route is to the surviving spouse. If there is no spouse, the default distribution is to their children. If they don’t have children, then their assets would transfer to their parents. Should their parents no longer be alive, the assets then pass to their siblings. However, it’s important to note that the judge overseeing the process can exercise discretion and make decisions contrary to this sequence if circumstances warrant it.
All wills are subject to Probate by default. The sole way to bypass Probate is through the utilization of a Trust. While a Will provides guidance to a judge, it doesn’t bind the judge to follow the specified wishes. This flexibility leaves room for the judge to make decisions that may deviate significantly from the deceased’s intentions.
In cases where Probate is contested – implying that the intended beneficiaries engage in disputes over assets – the process can become significantly prolonged and notably more expensive. At this point, Probate essentially transforms into litigation, introducing further complexity.