Probate FAQs: What to Expect During the Probate Process

What is Probate?

It is a process that is overseen by a Court to settle the affairs of a deceased person by which the validity of the Will is determined, the creditors of the Estate are paid, Taxes are paid and finally the assets are passed from the decedent to the beneficiaries named in the Will.

How long does it take?

1. 1. The answer depends on the complexity of the assets, whether or not the Will is contested, whether or not creditor claims are disputed and whether or not taxes are owed.
  2. It is anticipated that Probate will take on average one to two years.

Do I need to hire a lawyer?

1. 1. The quick answer is yes. The reasons why depend on the complexity of the assets, whether or not the Will is contested, whether or not creditor claims are disputed and whether or not taxes are owed.
  2. Probate is complex and requires a skilled and experienced lawyer that knows the State laws governing Probate, knows the tax issues imposed by State government as well as Federal Taxes.

How much does Probate Cost?

1. 1. The answer depends on the complexity of the assets, whether or not the Will is contested, whether or not creditor claims are disputed and whether or not taxes are owed. Fees will also depend on whether or not you are in a State where the fees are spelled out by Statute or whether you are in States where the fee is based upon hourly rates.
  2. Generally, fees can range from 3% to 8% of the amount of the assets involved.

Why should I hire Jet Probate?

1. 1. Simple answer is that we have the expertise and experience to settle the Estate as quickly as possible and for lower fees.
  2. We also have financial partners that can help you turn the assets into cash quickly.

When can I sell the house and other assets?

1. 1. In most States, once you are appointed the Executor or the Personal Representative, you will have the authority to sell and liquidate assets.
  2. This can take as little as 3 to 4 weeks after you have filed for Probate.

When can I receive my inheritance?

1. 1. In most cases the Executor will not distribute assets until you get to the conclusion of the Probate process, all creditors and taxes have been paid, and all disputes have been resolved.
  2. In some states it is 9 months to a year, and in other states it could be one and a half years to two years.

Are there any ways that I can get cash faster?

Yes, there are financial institutions that will either loan money to an Estate or to a beneficiary or they may “buy out the equitable position of a beneficiary in an Estate”.

Is an inheritance subject to Income Taxes?

General rules are no, but taxes must be paid on the income that the Estate generates while it is being administered.

Is an inheritance subject to an Estate Tax, or a Death Tax?

1. Some states do have a separate inheritance tax, but Arizona and California currently do not.
2. The Federal Government only imposes a Federal Estate Tax if the assets are over an “exemption amount” that is currently in excess or $11 million per decedent.

Frequently Asked Questions regarding Probate: