Any asset owned by you in your name must go through probate. This includes assets owned with someone else as tenants in common, but not as joint tenants with rights of survivorship. It also does not include assets held in your Living Trust, and assets with a beneficiary designation or transfer on death designation. Examples of this include life insurance, IRA s, retirement plans, and annuities. In some states, there are transfer on death designations for such things as bank accounts, stock and bond accounts, real estate, etc.
Probate can be expensive.
Executor fees are about the same, but usually a beneficiary serves as Executor. In addition, there may be court costs, appraisal costs, and accountant costs. Probate usually takes nine months to a year, and often takes longer. During that time, the assets are generally tied up, to complete all the paperwork and to allow creditors time to file claims. All probate records are public records.