What is probate
Probate is the legal process that occurs after someone dies, during which their will is reviewed to determine its validity, and their assets are distributed according to the terms of the will. If there is no will, the estate is distributed according to state laws of intestacy.
During probate, the following steps generally occur:
- Filing the Will: If there is a will, it is filed with the probate court. If not, the estate is considered "intestate."
- Appointing an Executor or Administrator: The court appoints someone (either named in the will or chosen by the court) to manage the estate. This person is responsible for gathering assets, paying debts, and distributing what’s left to beneficiaries.
- Inventorying the Estate: A complete list of the deceased's assets and debts is compiled.
- Paying Debts and Taxes: The estate's debts, taxes, and any administrative expenses are paid.
- Distributing Assets: Once debts and expenses are settled, the remaining assets are distributed to the beneficiaries according to the will or state law.
- Closing the Estate: After all assets are distributed, the executor submits a final accounting to the court, and the estate is officially closed.
Probate can be time-consuming and costly, depending on the complexity of the estate and state laws. Some assets, like joint bank accounts, life insurance payouts, and property held in a trust, typically bypass probate.
If you are dealing with a possible probate on your property and need an agent that is experience dealing with probate and probate attorneys please dont hesitate to call me or text "PROBATE" to 562-418-6447 to get started.
*Disclaimer: Im not an attorney and cannot give legal advice*