Probate is the legal process a court uses to validate a will and settle an estate It ensures debts are paid and remaining assets pass to rightful beneficiaries If there is no will, state intestacy laws determine who inherits The process is public, anyone can access filed documents and inventories

Curated by: Rubric Advisors

Estate & Legacy

The Probate Process

Probate is the court-supervised process for distributing a deceased person's assets. Learn how it works, what it costs, which assets avoid it, and common alternatives.

The Probate Process

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What Probate Is

Probate is the legal process a court uses to validate a will and settle an estate
It ensures debts are paid and remaining assets pass to rightful beneficiaries
If there is no will, state intestacy laws determine who inherits
The process is public, anyone can access filed documents and inventories

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What Probate Is

Probate is the legal process a court uses to validate a will and settle an estate
It ensures debts are paid and remaining assets pass to rightful beneficiaries
If there is no will, state intestacy laws determine who inherits
The process is public, anyone can access filed documents and inventories

How the Process Works

The will is filed with the court and an executor or administrator is appointed
The executor inventories and appraises all probate assets
Creditors are notified and given a window, typically 3 to 6 months, to file claims
After debts and taxes are settled, remaining assets are distributed to beneficiaries

Typical Timeline and Costs

Simple estates may close in 6 to 12 months; contested cases can take years
Attorney and executor fees commonly range from 3% to 5% of the estate's value
Court filing fees, appraisal costs, and bond premiums add to total expenses
Costs vary significantly by state, some states set fees by statutory formula

Assets That Avoid Probate

Jointly held property with right of survivorship passes directly to the co-owner
Accounts with transfer-on-death or payable-on-death designations bypass probate
Assets held in a revocable living trust are distributed by the trustee, not the court
Retirement accounts and life insurance with named beneficiaries avoid probate

Why People Want to Avoid Probate

Probate can delay access to assets for months or longer
Court and legal fees reduce the amount beneficiaries ultimately receive
The public nature of probate exposes financial details to anyone who looks
Families in multiple states may face separate probate proceedings in each state

Revocable Living Trust as an Alternative

A revocable trust holds assets during life and distributes them at death without court
The grantor retains full control and can amend or revoke the trust at any time
Assets must be retitled into the trust, unfunded trusts do not avoid probate
Trusts involve upfront legal costs but may save time and money for heirs

Small Estates, Ancillary Probate, and Executor Duties

Most states offer simplified procedures for estates below a dollar threshold
Owning property in multiple states triggers ancillary probate in each state
Executors have a fiduciary duty and are personally liable for mismanagement
Hiring professionals and keeping detailed records are advisable for executors

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The information above is for educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Any historical figures are for illustration only, and past performance does not guarantee future results. Tax laws, regulations, and contribution limits change frequently, the details here may become outdated. Individual circumstances vary. Consult a qualified financial advisor, CPA, or attorney for guidance specific to your situation. Rubric Advisors is registered with the California DFPI; registration does not imply a certain level of skill or training.

The Probate Process

What Probate Is

How the Process Works

Typical Timeline and Costs

Assets That Avoid Probate

Why People Want to Avoid Probate

Revocable Living Trust as an Alternative

Small Estates, Ancillary Probate, and Executor Duties

What Probate Is

How the Process Works

Typical Timeline and Costs

Assets That Avoid Probate

Why People Want to Avoid Probate

Revocable Living Trust as an Alternative

Small Estates, Ancillary Probate, and Executor Duties

Related Topics

Estate Planning 101

Estate Planning Deep Dive

Beneficiary Designation Mistakes

The Probate Process

What Probate Is

How the Process Works

Typical Timeline and Costs

Assets That Avoid Probate

Why People Want to Avoid Probate

Revocable Living Trust as an Alternative

Small Estates, Ancillary Probate, and Executor Duties

What Probate Is

How the Process Works

Typical Timeline and Costs

Assets That Avoid Probate

Why People Want to Avoid Probate

Revocable Living Trust as an Alternative

Small Estates, Ancillary Probate, and Executor Duties

Related Topics

Estate Planning 101

Estate Planning Deep Dive

Beneficiary Designation Mistakes