Probate is a legal process that handles the transfer of certain assets to beneficiaries after a person's death. Many people wonder how probate will affect their estate and what it will do to the inheritance they hope to pass to their beneficiaries. A Portland probate attorney can help a client understand this process and its effects.

In general, probate is not the preferred option for inheritance. Assets that enter probate are often subject to more estate and inheritance taxes. It may also take longer for the assets to be transferred to beneficiaries, and those assets will likely lose some value. While probate will attempt to follow the wishes stated in a person's will, there is ultimately less control over what happens to the assets. If multiple beneficiaries are entitled to assets or if it is not clear from current wills and documents who is entitled to an asset, then the process may take even longer.

The costs associated with probate include mostly taxes, but there are several other costs, which can deplete the value of an estate. Attorneys may be required to resolve probate disagreements when there are multiple beneficiaries or if the deceased's wishes are not clear. This can add court costs, attorney fees and higher fees paid to the estate's personal representative.

It is important to understand which assets are generally subject to probate and which assets are not. Personal property that has not been placed into a trust, including real estate, is generally subject to probate. Liquid assets, such as cash and cash accounts are also subject to probate. Many other types of assets, such as retirement accounts and insurance proceeds generally have or require a beneficiary be named. If an asset could have a designated beneficiary but it does not, then it will still be subject to probate.

Most people will want to keep as many assets out of probate as possible. There are a variety of legal ways to do this, especially using trusts to secure assets for certain beneficiaries.

Kali Yost is an experienced estate planning attorney in Portland who will help clients find creative and collaborative solutions to legal problems like probate and inheritance.