Probate is a legal process where matters of an estate are settled and distributed. A will gets probated before a court in the ordinary course of law. If a person dies intestate or without a will, the process of legacy probate is done to determine who is entitled to the individual’s assets after all taxes and debts are paid.
Everything that is part of the individual’s estate will be probated. These things include property, bank accounts, pensions, jewelry, and furniture. A person may already know that they are part of a family member’s will and know that they are entitled to that person’s house upon their death. However, until probate process is complete, the title to the home is clouded. It is not until the court completes the probate that title can be handed over to that individual.
When someone dies with a will or without one, the first step is to file a petition to the court. This petition sends the will to the court where an executor is formally appointed. For a person who died without a will, the court appoints an estate administrator.
Legacy probate involves taking an inventory of all the property of the estate. A notice is provided to creditors so they can make any claims needed to get paid out of the estate proceeds. There is only so much time that they have to respond to this before their claims are invalidated.
Funeral expenses get paid out of the estate as do inheritance taxes and other debts including medical bills, mortgages and credit cards. There may be times that an estate executor has to sell off items from the estate to fulfill any of these outstanding obligations. Once all debts are paid, the remaining monies and possessions can go to the rightful heirs.
If a will is being contested, probate becomes a more involved process. If you have reason to believe you are entitled to a family member’s estate or a portion of it and you believe the will was drawn in error, consult a family law attorney for help.
If you have a will, make sure to work with your family attorney as needed to update your will. This is important because making changes facilitates the probate process so that your loved ones can undergo an easier time following your passing. For more information about drawing up or revising a will consult your attorney.
Check out https://legacyplanninglawgroup.com/probate for more info.