Probate is a process during which a court authenticates a will. It's at this point that an executor or personal representative of the estate is established and appointed, which is important to know if that role will some day become yours.
Posts tagged "Probate Administration"
If you're leaving assets behind for your loved ones after you pass away, one thing you need to think about is what happens if a beneficiary passes away before they receive an inheritance. For example, if you pass away and your property has to go through probate, it could take many weeks or months to resolve how to distribute your assets.
When you hear people talking about probate, you probably hear that they are not happy about it. That is because probate is a court-supervised process for gathering and identifying assets belonging to a deceased person, and it can be frustrating. This same process is responsible for paying the debts of those who have passed away and distributing assets to the beneficiaries. If your loved one didn't have a will, then probate is probably where the estate will end up.
Probate is simply a court-supervised process that authenticates a last will and testament. The probate process makes sure to locate the decedent's assets, to pay final taxes and debts and to distribute any remaining assets to the beneficiaries.
Being appointed to administer an estate may feel overwhelming. It's a large task, but your attorney can guide you through the process if you take the time to ask.
Probate administration is a topic that many people don't hear much about until a loved one dies. At that point, they realize that they're going to have to go through legal hoops to get their loved one's assets or the items that have been left to them.
If you are closing an estate at the wishes of someone who has passed, you will be named the executor and will need to administer the estate in accordance with the law. Any time a person dies, the executor has to collect the individual's assets, manage them and distribute them to the proper parties.
When a loved one passes away, one question that may arise is how you know you're getting the correct inheritance. If your parent has life insurance, then you may be established as a beneficiary and might want to make sure you're receiving a payout in accordance with what they expected, for example.
If you have to go through probate, you will likely want to work with an attorney. When you choose your attorney, you'll have to set up an initial appointment to discuss the case.
Not planning for your estate correctly can mean leaving your loved ones to deal with debts and other issues. You might end up with your estate going into probate, which delays the distribution of your assets.