Estate Planning

When someone dies with assets titled in his name alone, as happens when using a "stand-alone will" (only) to transfer assets at death, such deceased person becomes a decedent property owner. A decedent is obviously unable to transfer his property to anyone. Consequently, the primary purpose of probate then arises which is to transfer title of assets from a decedent to the decedent's heirs. This proxy retitling/transferring of assets – to the decedent’s personal representative who then conveys the retitled assets to the decedent’s heirs – requires a surrogate court procedure called probate.

Inherent complexities usually accompany probate. Detailed paper work and filings, formal hearings, asset appraisals, multiple agency fees, attorney fees, court fees, lengthy holding periods, and even unwanted litigation can all be a part of any probate process – consuming time and resources.