What Does Probate Mean?

 

 

Video Summary

 

I get asked from time to time about various terms and estate-planning documents. One of the big words that is feared throughout the community as far as estates and estate planning is the word “probate.” What does probate mean? Probate describes the administration of your estate; that you do have probate if you have any assets that are in your name alone, whether or not you have a will or not.

 

Also, it is not near as expensive as what many people believe it to be. Presently, the cost of handling a very small estate is in the neighborhood of $2,500.00 to $3,500.00 for assets of less than $100,000.00. Much of that cost has to do with attorney fees rather than any court costs or taxes. Presently, there are no estate taxes in the year 2010 in the State of Florida or with the federal government. There could possibly be estate taxes if you own real estate outside the State of Florida. If you’re interested in planning your estate to avoid probate, please call me at (727) 847-2288. Thank you.