How much does an estate have to be worth to go to probate?
One of the most common questions people ask their estate planning attorneys is, "How much does an estate have to be worth to go to probate?" The question refers to the process known as probate, which is the court-supervised administration of a decedent's estate.
Probate Process
In general, when a person dies, if he or she didn't leave a valid will, her property is parceled out according to state law. The probate process, which varies by state, essentially boils down to:
-A court oversees the collection and disbursement of the deceased's assets.
-An executor (who may be an attorney) is named by the court to manage the assets.
-The executor pays any debts and taxes due on behalf of the deceased.
-The executor distributes what remains of the assets in accordance with the will or according to state law if there was no will.
-There are specific criteria that estates must meet before they can go through probate:
-They must have a value over a certain dollar amount, depending on where you live. (For example, in Tennessee it's $5,000.)
-They must be substantial enough that paying off all debts and taxes could take more than four months.
Probate court is a legal process
For the average person, there is no amount of money that will lead them to go through the probate process. Probate court is a legal process used to transfer the deceased person's assets into the hands of their loved ones, or in some cases, to an outside party.
Probate Court
Probate court is the legal procedure in which a will is reviewed and a judge decides if it is valid. It also gives the probate attorney an opportunity to make sure that there are no defects or errors in the will. There are two main types of probate courts: confidential and non-confidential.
The probate court process is when a judge rules whether or not a deceased person's assets will be distributed according to the will. If there is no will, then assets are distributed in accordance with the laws of intestate succession.
If you have questions, you can get a free consultation with the Best Probate Lawyers.
Parklin Law - Probate Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
