Probate

What is Probate?

• Probate is where the court must approve how the deceased debts are paid

• Probate is where the court must approve how the deceased assets are distributed.

• Probate cases are generally overseen by a county or state probate court

• Probate court can be involved if there is a will (testate)

• Probate court can be involved if there is no will (intestate)

• Probate court can appoint someone to administer the estate until it’s settled.

• Probate courts also charge administration fees.

• Probate court fees can be expensive.

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What is the Probate Process?

 In general:

•  If there is a will, it is submitted to the probate court.

•  A notice of Petition for Probate is published

•  A Personal Representative is appointed.

•  The Personal Representative then files a formal petition with    the court to administer the decedent’s estate.

•  Creditors may make claims against the estate.

•  The Personal Representative inventories estate assets.

•  The Personal Representatives secure and maintain the assets.

•  The Personal Representatives can liquidate assets.

•  The Personal Representatives file final tax return(s).

•  The Personal Representatives file final detailed asset/expense paperwork with the court.

•  Once approved by the court, the Personal Representatives distribute balance of estate to beneficiaries and heirs.

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When there is no will (Intestate)

•  An Administrator will be appointed by the court.

•  The Administer may be an adult child(ren), or domestic partner of the deceased.

•  The Administrator acts as a Personal Representative or executor.

•  The Administrator is to identify heirs.

•  The Administrator is to locate, inventory, value assets

•   The Administrator is to pay all debts of the estate.

•  The administrator is to distribute assets.

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Do I need a Probate lawyer?

•  Legal requirements may vary from state to state.

•  We always recommend consulting with an attorney

•  We always recommend consulting with a tax advisor.

•  We always recommend consulting with a financial advisor

IMPORTANT.  It is important to realize that a missed deadline or failing to follow proper procedures or paperwork can result in an Executor or Personal Representative being liable for mistakes or debts.

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General Duties of an Executer / Personal Representative

• Creating an inventory of the assets of the estate.

•  Determining which assets may or may not fall under probate purview.

•  Receiving payments due to the estate.

•  Opening an estate checking account.

•  Have assets appraised or valued.

•  Determining who will receive items / assets from the estate.

•  Giving notice to potential creditors.

•  Investigating claims made against the estate.

•  Paying outstanding estate debts and claims.

•  Paying expenses to administer / maintain the estate.

•  Handling paperwork including notifying Social Security of the death

•  Filing court documents, and discontinuing utilities when necessary.

•  Distributing property and assets to beneficiaries.

•  Filing final tax return(s).

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A Real Estate Agent your Attorney will appreciate.

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  We have the benefit of specialized training in Probate, Senior Real Estate and more.

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• We can manage the property until sold

• We can  elp arrange the maintenance of the property

• We can facilitate home  improvements, clean outs, estate sales and more

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