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.

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.

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.

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.

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).

A Real Estate Agent your Attorney will appreciate.

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• We market the property to cash buyers.  I have several dozen.
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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