What this means is that the assets that are in the decedent's name alone must be probated in order for the transfer of title to occur. The probating of a will permits a court of law to supervise the transfer of assets from the descendant to his or her heirs. A typical probate lasts about one year, with a six month time frame generally being a minimum. Probating of a will includes numerous fees. These fees may include attorney's fees, court costs, tax return preparation, etc.
Some states determine the fees based on the value of the assets passing through probate.
Estates which exceed certain amounts may be subject to both state and federal death taxes. Cash flow deficiencies may result in not enough income to care for loved ones left behind. Additional death taxes may be paid because of no pre-death planning. Minor children pose special consideration. As mentioned above, probate takes a great deal of time.