Every year, hundreds of thousands of people that have lost loved ones go through probate.
Probate is the court process of passing on the decedents assets to a rightful heir.
Probate happens when there isn’t a will or trust established for the assets to pass directly to a beneficiary. When this sort of estate planning isn’t in place, the courts must decide how to distribute the assets.
There are guidelines for probate and a process for which it plays out in court.
But how many people actually go through probate and how much does it actually cost.
US Probate Statistics
How Many People Go Through Probate Every Year?
It’s hard to tell exactly how many people go through probate filing every year. Court data is fragmented and includes mental health and guardianship data many times since it is dealt with by the same report. It is possible to get some statiscs though. For instance, There were 122,498 case filed for probate in Florida alone in 2017. In 2014 Ohio published a court trend showing they had 85,000 probate filings. Many states have two or even three times the amount of filings. Based on this fragmented and preliminary data it seems safe to say there are over 3million cases that pass through probate every year.
How Much Is Spent In The US On Probate Each Year?
Where Does The Money Go?
Is The Amount Of Probate Declining?
Probate Statistics Are Staggering
If you find yourself in probate like so many other americans, you don’t necessarily haveto wait the standard one to three years to receive your inheritance. If you are in probate and need your money now, we can help at Inheritance Advanced. Visit our application page and receive an advance on your estate within 24 hours. You can also read more about probate in our regularly updated blog or visit our state specific resources.
Find Out How Much Your Probate Is Worth
Probate Statistics and FAQs
Based on recent studies, only about 33% of Americans have established estate plans. This means that 67% of the population in the united states do not have any estate planning. This is part of the reason that probate costs are so high.