Probate is merely a legal process by which a decedent's last will and testament is proved and his or her assets and debts distributed and paid as required by law.
A court order triggers the following:
- Admits the will to probate
- Legal notices are provided to all interested parties.
- A claim notice to advise creditors of the pendency of the probate proceedings is published in a local newspaper.
- Detailed records are kept by the executor to account for the steps taken to settle the decedent's estate. It is not the nightmare some make it out to be.
At Michael T. Mahoney, Ltd., we request independent administration whenever possible, which means no court supervision and a reduced expense for the vast majority of estates that we handle.
Is Probate Necessary? Can It Be Avoided?
What triggers the need for probate is the existence of an interest in real estate titled in the decedent's name alone or the value of the decedent's personal estate in excess of $100,000. However, attorney Michael T. Mahoney has been successful in a great many estates where all of the interested parties are in agreement and our title insurance company is satisfied that all legal requirements have been fulfilled to avoid probate when the only reason for probate is a residence titled in the decedent's name alone.
The typical timeline for the estate to remain open is nine months to one year if no unusual problems develop. However, during that time period, assuming all interested parties have waived their rights to protest the will and all debts have been paid, substantial partial distributions (asset allocation) to the parties named in the will are commonplace.
To find out more about how we may able to help you or to schedule an initial consultation to discuss your case, please call 866-677-8081 or contact us online. We have offices in Chillicothe and Peoria.
