Probate of Estate
The process of probating an estate involves determining how much money will be distributed among beneficiaries, deciding whether any assets should be sold, and figuring out which debts must be paid before distribution begins.
Probate of Estates - What is it?
Probate is an estate proceeding where the court determines who gets what after someone dies.
The process of probating an estate involves determining how much money will be distributed among beneficiaries, deciding whether any assets should be sold, and figuring out which debts must be paid before distribution begins.
Who Gets What After Someone Dies?
If there is no will, then the law decides who gets what after someone passes away. This is called intestacy. In general, the deceased’s spouse receives one-half of the decedent’s property, children receive one-third each, parents receive one-sixth each, siblings receive one-eighth each, and other relatives receive whatever remains.
When Does Probate Occur?
Probate occurs when someone has died without leaving a valid will. The probate process begins with filing a petition with the court. After the court approves the petition, the executor (the person named by the will) must file a notice of administration with the court. The court appoints a personal representative to administer the estate.
What Happens During Probate?
Once the court approves the petition and notices of administration are filed, the personal representative files a report with the court. This report includes information about the assets and liabilities of the deceased, as well as any debts owed to the decedent. The personal representative also lists the beneficiaries of the estate.
What Are Some Common Types of Probate?
There are three main types of probate proceedings: ordinary, special, and limited. Ordinary probate involves distributing the entire estate to the heirs. Special probate allows the executor to sell certain assets of the estate before distribution. Limited probate is used when there is only one heir left. In this case, the court will appoint a guardian ad litem (GAL) to represent the interests of the minor child.
What's Next?
After the court has determined how the estate should be distributed, the next step is to pay off any debts owed by the deceased. This includes funeral expenses, outstanding medical bills, and other obligations. If the decedent had life insurance policies, these must also be paid out. Finally, the remaining funds are divided among the beneficiaries according to the terms of the will.
