Probate is the legal process that decides how a person’s assets will be distributed and their debts paid after his or her death. If your loved one owned his or her assets through a well-drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased’s assets. The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court. Probate and estate administration can be overwhelming, especially if the estate includes large amounts of assets, one or more businesses, or property in multiple locations.
Each probate and estate administration case varies depending on the circumstances, but certain steps remain constant. I can help you through this process:
- Filing of a petition with the proper probate court
- Notice to heirs under the Will or to statutory heirs (if no Will exists)
- Petition to appoint Executor (in the case of a Will) or Administrator for the estate
- Inventory and appraisal of estate assets by Executor/Administrator
- Payment of estate debt to rightful creditors
- Sales of estate assets
- Payment of estate taxes, if applicable
- Final distribution of assets to heirs
