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 there are two types of probate common and Solomon the executor makes the decision which of those to use 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 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 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 but 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 it short is 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 time if ever to repair so there's much more to consider when choosing which form of probate to use other than how quickly this state can be settled more videos are on the way so click the subscribe button and you'll be notified whenever we post new information you