Wills and Trusts:
There are three types of probate:
- Supervised probate
- Unsupervised or independent probate
- Small estate probate
Supervised probate is the most formal and expensive form of probate. In this type of probate, the court approves each transaction. In states where it is optional, supervised administration is used for contested estates, upon request by a party or when the executor’s capability is questioned. Unsupervised or independent probate is a simpler and cheaper method. In this kind of probate, the court’s role is either diminished or eliminated. Unsupervised or independent probate reduces the amount of duties and procedures needed. This probate is used for estates that surpass the asset limit for small estate administration but do not need serious court supervision. Small estate probate is the simplest and fastest method. Only available in certain states, small estate probate only applies to estates ranging from $1,000 to $100,000, depending on state law. Property will likely be transferred by an affidavit.