The process of probate varies in length and complexity based on the specific estate at hand, as well as the presence of a will and state laws. Although the process of probate varies from estate to estate, there are general steps involved.
When an estate goes through the probate process, some of the common steps followed include the following:
- The probate process begins with filing a petition with the probate court.
- After this petition is filed, all interested parties, including heirs and beneficiaries, receive notice about the ensuing probate proceedings.
- The executor or the administrator of the estate will identify and inventory the decedent’s assets. This may include real estate, bank accounts, investments, personal property, and other assets.
- The executor or the administration must notify creditors of the decedent’s death. Then, they may need to settle any outstanding debts and taxes using estate funds. This may include funeral expenses, medical bills, outstanding loans, or any estate taxes owed.
- Once the debts, taxes, and expenses have been paid, the remaining assets are distributed to the beneficiaries according to the terms laid out in the will.
Once all the assets have been distributed, the executor of the estate prepares a final accounting of the estate’s transactions and then submits it to the probate court for approval. Once approved, the estate can be closed, and the process of probate can conclude.
If you have any questions about what happens during probate and how this process works, reach out to our law firm today.