Probating the Will

Probating a will is the process of giving legal validity to the decedent's will.

Probate assets are those assets that the decedent owned in his or her name alone and which pass under the terms of the will.

Probate fees pay the executor, the attorney, and the court responsible for seeing that the terms of the will are executed. The value of the assets that are subject to probate usually determines the fees. Although fees vary, a fairly good estimate of probate fees would be approximately 5% of the total value of all probate assets.

Non-probate assets are those assets that pass outside the will, by contract, deed or joint tenancy with survivorship rights. They are not subject to probate fees. Life insurance benefits paid to a named beneficiary, living trusts, annuities, joint tenancy with right of survivorship assets, and retirement plans are usually non-probate assets. These non-probate assets may still be subject to estate taxes, even if they are not subject to probate fees.

See avoiding probate costs for methods used to reduce the value of probate assets.