Philip C. Rosen Wills and Probate Law Blog on Lawyers.com

A common question about probate

Wednesday, May 27, 2009 by Philip C. Rosen

Q: Does a Will help me avoid probate?A: Probate is always a big topic since it is generally the reason it takes so long for beneficiaries to get the money and property that was left to them. Even if you have a will, your beneficiaries may not be able be able to take possession of your assets without probate. Probate is a relatively simple concept; it is the court-supervised process for identifying and gathering the decedent's assets, paying taxes, claims and expenses of administration, and distributing assets to beneficiaries.

Sounds easy, right? Not so fast. The biggest drawbacks to probate are time and money. It can take 6 to 12 months to probate an estate; and that’s if it is not contested! Also, the probate process is expensive. The Florida legislature has determined that a fair and reasonable fee for an attorney to probate most estates is 3 percent of the probate estate’s value. The personal representative is also entitled to 3 percent. Don’t forget about court filing fees and miscellaneous costs.

There is, however, a relatively painless way to avoid the delays and expenses of probate - the Revocable Living Trust.

Posted at 10:12 AM

Topic: Wills and Probate