Probate is a formal, court-supervised process for settling the estate of a deceased individual (the decedent) who either dies with only a Will, or without a Will altogether (called "intestacy.")  Probate can be viewed as a three-step process:  First, the assets of the decedent must be assessed and collected.  Second, the debts and taxes of the decedent must be paid.  Third and finally, the remaining assets of the decedent must be distributed to the appropriate beneficiaries. 

Probate is generally disfavored for three major reasons:  First, probate is relatively expensive.  For example, for a relatively modest estate of $600,000 (consisting of a $400,000 home and $200,000 in other assets), the fees due the executor and attorney for the executor would total $30,000.  Second, probate can be time consuming, often lasting at least 9 months and often stretching on for years.  Third and finally, the probate process is public.  Your last Will is placed in a file that can be accessed by anyone, and all court filings and disputes between beneficiaries are public as well. 

For the reasons above, many individuals choose to use a revocable "living" Trust, in place of a Will, as the primary tool to transfer assets following their death.  Rather than probating the Will of the decedent, the Trust of the decedent can often be quickly and efficiently administered.  The administration of a Trust can often be accomplished in weeks or months, rather than years, and often with a savings of thousands of dollars.  Finally, the administration of the Trust remains private, as often the administration of the Trust occurs outside the courts.

The experienced attorneys at the Law Office of Jim Eimers can advise you on the strategies that can help you avoid probate.