What is Probate?
Letters of Probate issued by the court will provide official evidence that the Will submitted by your Executor/Trustee is in fact your last Will. They also confirm your Executor/Trustee’s appointment as your legal personal representative.
When is Probate Necessary?
Probate may be required in the following circumstances:
• The estate contains land
• The estate contains shares or substantial assets
• If there is any question as to the validity or correct interpretation of the Will
Why is Probate Necessary?
Probate serves a number of purposes:
• Probate allows issues to be resolved before the estate is settled
• Probate allows creditors to be paid
What is the cost of Probate?
There are several costs associated with Probate, including:
• Lawyer’s fees
• Probate fees, which currently are 0.7% of the value of the estate. This translates into $7.00 per thousand in estate value
Can Probate be avoided?
There are a number of ways to try and avoid Probate, each with its own benefits and drawbacks. The least expensive and easiest method to attempt to avoid Probate is to have your Will prepared by a professional such as Mennonite Trust. To discuss other options to try and avoid Probate feel free to contact one of our managers or estate specialists.