Should I Worry About Avoiding Probate?

Many people have the impression that probate is a complicated and expensive process. In reality, it is usually neither. Probate is the process of filing the will with the local court (typically in Maryland with the Register of Wills office). A person known as a personal representative (executor) is then appointed to administer the estate. That person’s job is to pay the decedent’s bills, collect his assets and pay any taxes, and finally, to distribute the estate funds remaining to the heirs. From start to finish, the process takes, typically, less than a year and involves probate fees that are relatively nominal. For instance, an estate valued at $500,000 would incur probate fees of $500 plus a bond fee of an additional $100.