Share

Probate

What happens if someone objects to the will?

Does probate administer all property of the deceased?

Do I get paid for serving as an Executor?

How much does probate cost? How long does it take?





Q: What happens if someone objects to the will?

An objection to a will, also known as a “will contest” is a fairly common occurrence during the probate proceedings and can be incredibly costly to litigate.

In order to contest a will, one has to have legal “standing” to raise objections.  This usually occurs when, for example, children are to receive disproportionate shares under the will, or when distribution schemes change from a prior will to a later will.  In addition to disputes over the tangible distributions, will contests can be a quarrel over the person designated to serve as Executor.


Back to the top.

Q: Does probate administer all property of the deceased?

Probate is primarily a process through which title is transferred from the name of the deceased to the names of the beneficiaries.

Certain types of assets are “non-probate assets” and do not go through probate.  These include:

  • Property in which you own title as “joint tenants with right of survivorship”.  Such property passes to the co-owners by operation of law and do not go through probate.

  • Retirement accounts such as IRA and 401(k) accounts where there are designated beneficiaries.

  • Life insurance policies.

  • Bank accounts with “pay on death” (POD) designations or “in trust for” designations.

  • Property owned by a living trust.  Legal title to such property passes to successor trustees without having to go through probate.


Back to the top.

Q: Do I get paid for serving as an Executor?

Executors are reimbursed for all legitimate out-of-pocket expenses incurred in the process of management and distribution of the deceased’s estate.  In addition, you may be entitled to statutory fees, which vary from location to location and on the size of the probate estate.  The Executor has to fulfill his or her fiduciary duties on behalf of the estate with the highest degree of integrity and can be held liable for mismanagement of estate assets in his or her care.  It is advised that the Executor retain an attorney and an accountant to advise and assist him with his or her duties.


Back to the top.

Q: How much does probate cost? How long does it take?

The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a will and the location of real property owned by the estate.  Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay.  Common expenses of an estate include Executors’ fees, attorneys’ fees, accounting fees, court fees, appraisal costs, and surety bonds.  These typically add up to 5 to 7 percent of the total estate value. Most estates are settled though probate in about 9 to 18 months, assuming there is no litigation involved.


Back to the top.


The materials appearing in this website have been prepared by the Law Office of Cheryl Gabes Rice, LLC for informational purposes only. The information you obtain at this site is not, nor is it intended to be, nor should it be construed as, legal advice. Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship. You should consult an attorney for advice regarding your individual situation.

The Law Office of Cheryl Gabes Rice, LLC is located in West Hartford, Connecticut and serves all of Hartford County including, but not limited to, Avon, Berlin, Canton, Cromwell, Farmington, Glastonbury, Newington, Plainville, Rocky Hill, Simsbury, Southington, Wethersfield, and surrounding towns.



© 2017 Law Office of Cheryl Gabes Rice, LLC | Disclaimer
 ,  , &n  
| Phone: 860.232.0072

Business Law | Commercial Litigation | Estate Planning | Probate / Estate Administration | | About Us

Law Firm Website Design by
Amicus Creative