UNDERSTANDING PROBATE
Probate is a legal process initiated after a person’s death to manage and distribute their assets. This process involves verifying the validity of the will, creating an inventory of assets, settling debts and taxes, and finally, distributing the remaining estate according to the will’s instructions or, if no will exists, as dictated by state law. The complexity and duration of probate can vary significantly by jurisdiction, making legal counsel often essential to navigate this time-sensitive procedure.
Additionally, Executors and Administrators may be granted either Full or Limited Authority. Full Authority empowers them to act on behalf of the estate with minimal court oversight. Conversely, Limited Authority necessitates greater court supervision, including a mandatory hearing to approve overbids
PROBATE COURT
Welcome to your guide to understanding probate. If you’ve recently lost a loved one and are now responsible for managing their estate, navigating the probate process can feel overwhelming. Probate is the legal framework for settling an estate under court supervision, ensuring assets are managed fairly, debts are paid, and property is distributed according to the deceased’s wishes or state law. We’ll guide you through this process, step-by-step, to help you fulfill your role as Executor or Administrator with confidence.
WHAT IS THE PROBATE COURT CONCERNED WITH: MANAGING THE ASSETS
Not making prudent Investments:
Keep estate assets separate
Interest-bearing accounts and other investments Other Restrictions
Locate all the estate’s property
Liquidate property (real or personal) of the deceased Determine the value of the property
File an inventory and apprasial
Pay any debts, claims or taxes that may be due
File a change of ownership
Notice to creditors
Insurance
Distribute or transfer the remaining property to heirs
RECORD KEEPING
- Keep accounts
Court review
