Probate is the legal process in which the court sees that, when you die, your debts are paid and your assets are distributed according to your Will. Upon death, the Will must be filed with, and verified by the probate court before it can be enforced. Once the Will has been verified as a valid Will, the court must be petitioned to open probate and appoint a personal representative or administrator, also known as an executor, to oversee the probate process and settle the estate.
There are different levels of probate based on the size of the estate:
Affidavit of Entitlement – estates do not exceed $25,000.00 ($100,000.00 if you are the surviving spouse) and no real property
Set Aside – estate with net value not exceeding $100,000.00
Summary Administration – estates between $100,001.00 and $300,000.00
General Administration – estates with net value over $300,000.00
Depending on the size of the estate and the type of assets involved, probate can be expensive and take a long time. Probate proceedings are public record. Anyone can know the general size of your estate, gifts to beneficiaries, and other personal matters.
To find out more about probate or how to avoid probate, contact Barfield Law at (702) 757-2095 and speak with Millie Barfield, an experienced estate planning attorney.
