When a person passes away, the legal process known as probate comes into play. This process involves settling the debts of the deceased and distributing their property to beneficiaries and heirs according to the will. Essentially, probate is the official validation of a will as the final testament of the deceased. While some may find this process daunting and seek to avoid it, enlisting the help of an attorney can make it much more manageable.
Choosing the right attorney is crucial as they can handle most of the responsibilities involved in probate. From collecting and reviewing assets to preparing important court reports and creating an inventory of the estate’s assets, an attorney can simplify the process for you. They can also provide valuable advice on the responsibilities of the administrator and help in devising a distribution plan for the assets.
Before delving into the role of an attorney in probate, it is essential to understand the process in detail. Here are the four fundamental steps of probate:
Understanding the Probate Process
Long before a person’s passing, they finalize the probate procedure, which is influenced by whether or not they had prior estate planning. Understanding this aspect is key to simplifying the process. Let’s explore the four basic steps of probate:
1. Providing Notice to Beneficiaries and Heirs and Filing a Petition
The process commences with filing a petition in probate courts to declare the will and appoint an executor. In cases where there is no will, an administrator must be appointed for the estate. Beneficiaries and heirs of the deceased must be notified of any court hearings related to the petition, and objections can be raised if necessary. Publicizing the hearing in local newspapers helps notify unknown creditors of the deceased.
2. Providing Notice to Creditors
The personal representative appointed by the court must notify known creditors as per state law. Creditors have a specific period to claim any assets of the estate, and an inventory of the decedent’s property, including real estate, stocks, bonds, and business interests, is taken.
3. Settling Debts, Funeral Expenses, and Taxes
The personal representative is responsible for determining legitimate creditors and paying off debts, funeral expenses, and taxes from the estate. In some cases, assets may need to be sold to fulfill these obligations.
4. Transferring Property Without a Will
If there is no will, the personal representative seeks court approval to transfer remaining assets to beneficiaries as per intestacy laws. Trusts benefiting minors mentioned in the will are handled accordingly, and assets are liquidated and transferred to the intended recipients.
Simplifying the Process with a Probate Attorney
A probate attorney can offer valuable guidance in estate planning to avoid future administration issues and assist in estate administration after a person’s passing. They can advise on fiduciary obligations, help create an inventory of assets, evaluate enforceable debts, and devise distribution plans. Hiring an experienced attorney can streamline the probate process and provide expert advice every step of the way.
