Probate is a term people often hear when talking about wills and estates, but many do not fully understand it. Whether you are planning your estate or dealing with a loved one’s passing, knowing about this process can help you make informed decisions.
What is probate?
Probate is the legal process through which the court validates the will of a person who passed away and their possessions pass to their heirs. The probate process includes:
- Filing the petition: The first step in the probate process is filing a petition with the court. Generally, the executor named in the will does this. If there is no executor, the court will appoint one.
- Validating the will: The court looks over the will to confirm it is valid. This includes making sure it was signed and witnessed correctly. If someone challenges the will, things can get more complicated and might require a court hearing.
- Inventorying the estate: The executor must make a list of all the deceased person’s belongings, including property, bank accounts, investments and personal items. They will submit this inventory to the court.
- Appraising assets: Some belongings may need a professional appraisal to find out their current value. This helps the executor accurately distribute assets.
- Paying debts and taxes: Before anyone gets any assets, the estate must pay off debts and taxes. This includes funeral costs, medical bills, credit card debts and estate taxes.
- Distributing the estate: After paying debts and taxes, the executor can give out the remaining assets to the people named in the will. If there is no will, state laws provide guidance for who receives these assets and how much they receive.
- Closing the estate: Finally, the executor files a final report with the court. If everything is correct, the court will close the estate.
Probate is a complex process, but you can take steps to make it easier
Navigating probate can be complex, but there are ways to make it easier:
- Plan ahead: Writing a clear and legal will can make probate simpler after you pass away. It is a good idea to talk to an estate planning lawyer to make sure your will meets all legal requirements.
- Keep detailed records: Keeping accurate and updated records of all your belongings and debts can make probate easier. When a person does this before they pass, that organization can help the executor do their job well. When executors stay organized, they can also limit the risk of a dispute.
- Get guidance: If the person who passed away named you as an executor, think about hiring a probate lawyer to help you through the process. This is especially helpful if the estate is large or complicated.
The probate process can be confusing. However, understanding what happens during this process and taking proactive steps can make it more straightforward.
