Preparing for Probate Process Can Cut Costs
The probate process can be very confusing and difficult to understand but it is important to understand the basics of the probate process.
June 22, 2012
Many people first become familiar with probate courts after a death in the family. To save time and prevent strain, it is a good idea to learn the basics before an emergency and make decisions in advance that can cut probate costs.Connecticut probate courts administer the transfer of a decedent's property, including collection of property, payment of any debts and distribution of property. The process is dictated by the decedent's will, if any, and Connecticut inheritance laws.
The Probate Process
If the decedent had a will, the court will first "probate the will," ensuring that it meets the legal requirements for a will. The portion of the decedent's property that does not automatically transfer to another party will then be distributed according to the will and state law. In some cases, one or more parties may contest the process.
Probate courts take on different roles depending on the facts of the case. Small estate probate, a simpler process, applies for estates below a certain asset value. An unsupervised or independent probate applies when assets are above this threshold, but can still minimize the court's role. Supervised probate, the most complex method, applies for contested estates and other complicated situations.
Probate Expenses
The probate process can be an expensive one, typically paid out of the estate's assets. Expenses can include court costs, attorney's fees and fees for personal representatives and other parties involved in valuing, collecting and distributing assets.
A few simple steps can help reduce these probate costs. Preparing an estate plan that meets the needs of the individual -- whether fairly complex or fairly straightforward -- can help to reduce the time and costs of probate by using non-probate vehicles such as trusts and beneficiary designations to transfer assets, for example. Investing time and energy into preparing a personal will and other estate planning documents like powers of attorney and advance directives, as well as carefully managing financial affairs, will help cut costs during the probate process.
The probate process unavoidable takes place during a difficult time for many families. Preparing and consulting with an experienced estate planning attorney in advance can help cut costs and make the process smoother.
Article provided by Riefberg, Smart, Donohue & NeJame, P.C.
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