Probate Information

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What is Probate?

A legal proceeding where someone is appointed to "step into your shoes" to handle or wind up your affairs.

Types of Probate:

1. Living Probate (Guardianship): Disabled person's estate as a result of physical or mental incapacity OR minor's estate occurs when a person under 18 receives assets in excess of $10,000

2. Death Probate: Decedent's Estate

What are probate assets?

Anything owned in your name at time of death or disability
Assets that would pass by your will (or by the will makes for you if you don't have a will)

Death Probate- Decedent's Estate

Loss of Control
Delays use of funds by loved ones
Expensive
Lengthy (6 months to years)
Loss of Privacy
Creates an easy forum for claims against your estate

Guardianship for Disabled

Disability Probate
- Mental or Physical incapacity
A Guardian is appointed to administer your assets
Annual Accountings are required
Expensive
does not end until death or recovery

Guardianship for Minors

If a minor under the age of 18 receives over $10,000:
- A guardian is appointed and a bond is posted for the guardian to collect the minor's funds
- Upon receipt, the funds are deposited in a bank subject to further order of court
- At age 18, all funds are turned over - no restrictions

What are not probate assets?

Anything owned in your name at time of death or disability
Assets that would pass by your will (or by the will makes for you if you don't have a will)