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Probate and Intestacy where the assets are held, and the will. Probate costs caninclude court fees, appraisal and valuation fees, accountfees, fees paid by the executor, and attorney fees. The costof probate typically ranges from 1% to 5% of the value of theassets that go through the process. What Is Probate? Probate is the legal process of administering the estate ofthe deceased, paying all debts and claims, and distributingassets to heirs and beneficiaries as stated in the will. Theprobate court appoints the executor, generally named in thewill, who will have legal power and responsibility to settlethe deceased’s estate. Probate records are available to the public at the courthouseand can be viewed by anyone who wishes to examine themin their entirety. Probate can be arduous and time-consuming. Severalfactors affect the length of probate, including the sizeand complexity of the estate, challenges to the will or itsprovisions, creditor claims against the estate, state probatelaws, the state court system, and tax issues. The time framevaries greatly, with some states requiring a minimumprocessing time of four months, and other states takingmore than two years to finalize the probate process. Probate Process With a Will The probate process begins when someone such as a familymember files an application, known as a petition, to theprobate court. The original will needs to be delivered to thelocal probate court and validated. For more information, see William Blair’s publicationSettling the Affairs of a Loved One,which outlines key stepsto take and includes a checklist of responsibilities. Probate can also be expensive, with the cost depending onthe size and makeup of the estate, the laws of the state(s) Private WealthManagementwilliamblair.com Assets That Are Subject to ProbateNot all assets go through probate, and it often depends on Blair’s publicationsEstate Planning ChecklistandAvoid theMost Common Mistakes in Estate Planning. the type of asset or how an asset is titled. It is important tonote that the probate estate is different from one’s taxableestate. The taxable estate is the value of a deceased person’sassets that are subject to estate tax, which can include cashand investment accounts owned at death, retirement plans,business interests, and real estate. Estate planning can helpavoid unnecessary costs, delays, and conflicts. For moreinformation on reviewing your estate plan, see William Assets held individually with no beneficiary typicallywill have to go through probate and assets that have anamed beneficiary will not. Generally speaking, if a namedbeneficiary conflicts with what is stated in the will, thenamed beneficiary takes precedence. We recommenddiscussing your specific situation with your attorney, aslaws that vary from state to state may apply and dictate howthe assets transfer. USUALLY SUBJECT TO PROBATE NOT USUALLY SUBJECT TO PROBATE Accounts that allow forthe naming of beneficiariesincluding IRAs, defined contributionplans like 401(k)s or 403(b)s, equitycompensation like stock options,and accounts and assets withTOD and POD designations Trusts, including assetsplaced in trusts that mightotherwise have to gothrough probate(cash, real estate) Private WealthManagementwilliamblair.com Designate beneficiaries•Assets pass to designated beneficiaries outside probate Ancillary Probate Probate proceedings typically take place in the state ofresidence at the time of death; however, owning propertyin more than one state can result in multiple probateproceedings, known as ancillary probate. Generally, realestate is probated in the state in which it is located, andpersonal property is probated in the state in which you aredomiciled (i.e., reside) at the time of death. if pay-on-death provisions are established. For example,cash and brokerage accounts; retirement accounts suchas profit-sharing plans, 401(k)s, and IRAs; life insurancedeath proceeds (if beneficiary other than the estateis designated). Make lifetime gifts •Gifts to beneficiaries made during lifetime are completeand not subject to probate Steps to Minimize or Avoid Probate In most situations, the size and complexity of the estatemay warrant a review with your estate planning attorneyto explore alternatives to avoid probate. The followingrecommendations may help you avoid probate. Small estate affidavit •Depending on specific state guidelines, a small estateaffidavit can settle the estate informally•Beneficiaries can claim assets by presenting a notarizedaffidavit. Real estate is usually disqualified from claimsby affidavit.•Executor can file for simplified probate, a streamlinedprocess that generally involves paper filing only andrequires no attorney. State rules vary widely regardingallowable estate size for simplified probate. Transfer assets to a revocable living trust •Revocable trusts can be drafted with flexibility to ownalmost any asset. During your lifetime, you can act astrustee and distribute prop