A Step by Step Guide to What Happens During Probate

Are you confused by managing assets of a loved one who just passed away? Did they leave no clear will behind? Is their family already beginning to fight about it?  Then this article is for you. When an individual dies, their estate must be distributed according to the deceased person’s will. But in a situation whereby the decedent had no will before his or her departure, the probate court determines how the assets are dispersed.

What Is a Probate Court

A probate court is a type of court with the competence to deal with matters relating to probate and the administration of a dead person’s estates. Probate is a process by which a deceased person’s estate, such as money or assets, are passed to the beneficiaries named in their will if one was created.

A probate court is usually involved in the supervision of the process to ensure that the administering process is done correctly. It is a court’s way of authenticating the decedent’s last will and testament and ensuring that their assets are distributed accordingly.

Now let’s discuss what to do during the probate process!

File the Will For Authentication

The first step in the probate process is to file a request to begin probate at the county’s probate court where the decedent lived when he or she died. If a will was created, the will must be filled, and a probate judge will need to confirm that the will is legitimate by using witnesses’ statements.

Appoint an Executor

In a case whereby the decedent created no will, the court appoints an eligible heir to handle the es. This person will receive legal documents (called letters testamentary) that certify their authority to act on behalf of the estates. This person is referred to as the executor, usually the decedent’s spouse, one of the children, or parents.

Notifying Interested Parties

The next stage of the probate process is to notify parties such as creditors, beneficiaries, heirs, or any other persons who hold an interest in a decedent’s estate or have an entitlement to the property. This notification may include sending emails to the interested parties or publishing the obituary in a local newspaper.

Inventorying Deceased’s Assets

This step involved locating and taking inventory of all the assets owned by the deceased person. This is one of the major jobs of the executor. He or she must protect and ensure that all the decedent’s assets are collected and available until the end of the probate process, when they will all be dispersed.

As part of the executor’s work to ensure the assets are protected, the executor must ensure that the taxes, insurance, and mortgage payments of properties such as real estate are paid to avoid confiscating those properties before the end of the probate process.

Determining Date of Death Values

After collecting and inventorying the deceased’s assets, the next step of the probate process is to determine the date of death values for the assets, usually through account statements and appraisals. Determining the date of death values could be done in two ways. Some states require that the executor submit a written report to the court, listing each asset owned by the decedent, its value, and how it was determined.

Paying the Deceased’s Bills and Debts

The probate process also involves settling the decedent’s debts while he or she was still alive. The executor must ensure that all creditors whose claims are valid are paid from the estate funds.

Filing Tax Returns

It is crucial to file tax returns after the death of your loved ones. The executor will also be in charge of this process. He or she should ensure that the decedent’s final, personal income tax returns for the year they died are filled. The executor must also file taxes of estates liable for taxes, such as estate earns income through interest or dividends, and make the payment from the estate funds.

Distributing the Assets

After filing the taxes and settling bills incurred by the deceased, the executor must submit a complete and detailed accounting of every financial transaction made throughout the probate process and then file a petition to the probate court, requesting permission to disperse the remaining assets to the heirs, legatees, and creditors.

What if the Deceased Had No Will?

If the decedent dies without leaving a will, or the probate court does not accept the will presented as valid, the estate is considered intestate. In such a situation, the estate still goes through the probate process. However, the difference is that the decedent’s property will only be passed to the closest relatives in an order determined by state law.

Conclusion

Managing your loved one’s affairs when they die may be a bit complicated. But not all the probate processes are complicated. Some of them can be straightforward.

Generally speaking, the probate process could take from a few months to more than one year or even years, depending on various factors. Hiring a certified probate lawyer can make this process much easier, shorter help you can get through the entire process smoothly.

Also, note that there are no hard rules. Some of the steps discussed above can be eliminated through careful estate planning.

Lastly, note that this article only provides guidance on each stage during the probate and should not in any way be used as legal information.

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