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Probate serves as a legal procedure to evaluate a deceased person’s estate, identify beneficiaries, appoint an executor, and legally transfer the estate to designated beneficiaries. Probate court becomes involved in four scenarios:
- The deceased has a will allocating property without using an authentic and adequately funded trust.
- The deceased passed away intestate (without a will).
- Doubts about the trust’s authenticity, capacity, deceit, or undue influence arise.
- The trust lacks funding, leaving property outside intentional protection from the probate process.
Understanding the Probate Timeline: A 10 to 18 Month Journey
The probate process, typically lasting 10 to 18 months for an uncontested proceeding, involves the Probate Court validating the appointed executor or appointing a third-party administrator.
The steps in the probate process include a comprehensive evaluation of the estate, identification and notification of beneficiaries, and a final opportunity for creditors to claim unpaid debts.
Navigating the Probate Process: A Step-by-Step Overview
The typical sequence of probate involves the chosen executor or a court-appointed person filing probate documents after the person’s passing. The executor verifies the will, lists assets and debts, and notifies family and creditors.
During the probate process, which can last from a few months to a year, the executor locates, secures, and manages assets. Depending on the will and debts, the executor may decide to sell real estate or other assets.
In some states, immediate family members can request short-term assistance during probate. Eventually, the court grants the executor permission to settle debts, taxes, and distribute the remaining estate according to the will. Finally, ownership of the property is transferred to the designated individuals or entities.
Source:
- Nolo. “What Is Probate?” Www.nolo.com, Nolo, 15 Feb. 2013, www.nolo.com/legal-encyclopedia/probate-faq.html.
