Whether or not a will needs to go through probate depends on the size of the estate and the state in which the estate is located. It's less about the number of assets and more about the value of the assets, when determining if a probate is needed, notes LegalZoom.Continue Reading
Probate is the legal process of determining the validity of a will, as defined by Legalzoom. Probate is generally only required if assets are bequeathed to beneficiaries. Some states still do not require probate if the decedent set up revocable living trusts, according to Legalzoom. Other estates might not require probate provided the family still maintains the property and taxes on the property.
If the will does need to go through probate, it is done by the executor of the estate. This person was chosen by the decedent to handle the final affairs after death, also referred to as administrating the estate, according to FindLaw. The estate executor generally is not paid but can request an administrative fee from the proceeds of the will. The fee should be in alignment with the size and value of the estate. When putting an estate through probate, the executor is required to comply with all the responsibilities of an estate administrator and must prove to the courts that as executor, all fiduciary duties have been fulfilled, as stated on FindLaw.Learn more about Financial Planning