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Video instructions and help with filling out and completing Will Form 5495 Probate

Instructions and Help about Will Form 5495 Probate

Probate is the process of settling someone's estate if they use the will as their estate planning tool. What you may not know is that there are two types of probate: common and solemn. The executor makes the decision which of those to use, and most of the time, common probate is used. It's the easiest of the two forms. The executor provides the court with the last will and testament, naming them as the person to settle the estate. No one else has to be involved, and potential heirs can request and receive copies of the will from the court, but it's not a requirement. The downside to common probate is the amount of time allowed for challenges, which sometimes can be years. There have been cases of beneficiaries receiving their inheritances and then forced to give it to someone else who filed a successful challenge several years later. Probate is not final until the challenge period passes, but for most estates, challenges are not a major issue and common probate makes sense. However, if an executor thinks there is the possibility the will may be contested, then solemn probate may be the best option. All potential heirs, whether named in the document or not, are required to be notified of the date for a court hearing and receive a copy of the will. It forces heirs to contest the will right up front or accept the document as written, thereby giving up their ability to contest it in the future. That means solemn form probate can often be settled in a much shorter time, sometimes as short as six months. The downside of solemn probate is the possibility of pitting family members against each other. Sometimes, that damages relationships to the point that it may take a long...