Estate Planning

What is Probate? Is it Bad?

By Modern Wealth Management

May 19, 2017

What is Probate?

Probate is the process of collecting your assets, paying your debts and taxes, and transferring your property, at your death, to your heirs.

If you don’t have a will before you die (intestate) the probate court will decide the disposition of your assets for your heirs. If you have a will at the time of your death, the person you named in your will as the “executor” files papers to the local probate court. The executor then proves the validity of your will and presents the court with lists of your property, your debts, and who is to inherit what you left behind.

Probate, a Time Consuming Process

Proceedings for probate can be lengthy (a minimum of 6 months), because the law allows time for the collection of property, creditors to file claims, and heirs to be located. In the events of litigation or contested claims, an extension of probate proceedings may occur. However, assets that have been placed into a trust may be distributed sooner, avoiding delay.

Probate Out of State

Further, should you happen to own real estate in a state other than the state, such as a vacation home, in which you reside upon your death, probate proceedings may be required in each state where the real estate is located, resulting in increased expense and inconvenience to your heirs. However, real estate transferred into a revocable trust is managed and distributed according to the terms of your trust. Doing so may avoid probate in other states.

How Can We Help?

For many, estate planning is an important part of their legacy they hope to leave to their loved ones. If you are planning to leave an inheritance to your heirs, it’s important to make sure your team of legal and financial professionals understands your wishes.

If you’d like to discuss the future of your estate, schedule a complimentary consultation below or give us a call at 913-393-1000. We’re always happy to listen and help.

Garrett Griffin, BFG Legal Services

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Investment advisory services offered through Modern Wealth Management, Inc., an SEC Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.