The Wonderful World of Probate (and Why to Avoid it) - by John Fraker

The Wonderful World of Probate (and Why to Avoid it) - by John Fraker: "When a decedent dies with a valid will, but without a Living Trust, their estate is subject to Probate. Probate translated literally means 'to prove the will.' The probate process, in it's origin, was designed to prove that the decedent actually had died, and that the will in question was the actual will belonging to the deceased.

Today, probate is best described as a court-supervised process by which a decedent's assets are gathered, valued, and distributed according to the decedent's last wishes, as stated in his or her will.

In addition, the probate process also requires a formal process by which all creditors (or potential creditors) of the deceased, known and unknown, are notified of the death, and given the opportunity to make a claim on the decedent's estate.

Due to the formal, court-supervised nature of the Probate process, the average length of a probate case can be anywhere from 6 months to a year and a half, depending on the complexity of the case and a variety of issues.

Some important issues when considering whether or not to avoid probate include:"