What Happens During the Probate Process?

Most people don’t know much about probate, wills and trusts. When a loved one passes away, and you are a beneficiary, you will need to find out if the will left behind must go through probate or not. The laws slightly differ from state to state, but there is a general process that most probates go through.

Probate is a legal term in which the will of a deceased person is validated by the court. During this process, it is the court that determines the value of the assets left behind, as well as payment of final taxes and bills, and then distributes the assets to the rightful beneficiaries. These assets will include things like bank accounts, certificates of deposit (CD) and pension accounts, and personal property, such as jewelry, furniture, and artwork. 

The process is long and might take anywhere between 10 and 18 months to finish. Because of this, it’s in your best interest to contact a lawyer, and this website will give you more information regarding probate and planning of your estate. A lawyer will enlighten you and give you the details of the different options you have to manage your estate. If you are a beneficiary, and the last will need to go through probate, you will not have any legal authority to handle assets until you get the legal authority to do so.

When is probate required?

Usually, when there is no will or if there is a dispute regarding the will, a probate case will be required.  When there is a large estate being left, the probate court will call for a formal hearing, while small estates can be handled by informal means. But even with a valid will, probate might be enforced if there is a dispute concerning it.

As with any other process, a probate has a series of steps to be followed. It’s a legal issue that involves a lot of administrative work and tasks and should be done early on after the death of a loved one. During a grieving time, this is typically not a matter you have the mind attend to but you might have to; otherwise, surviving members of the deceased will not be able to inherit. In this case, all assets will be frozen by the court.  

 

A typical process goes like this:

Validation of the will

A judge must validate the will is indeed the last will signed and left by the deceased person. It is the will that is the main focus in probate. The person nominated in the will to handle the estate is called the executor. 

Appointing an executor

If an executor hasn’t been mentioned in the will or there is no will to begin with, then the court must handle everything, including appointing an executor. Often times, a surviving spouse or the next of kin are the one appointed by the probate judge. This executor, also called a personal representative, will receive legal documentations that give them the right to carry out transactions regarding the estate. The documents are also called letters of authority, or letters of administration. 

Bond posting

The bond is meant to protect the estate from any losses that the executor might cause in it. It sort of works like an insurance. Not all wills call for a bond. But if the executor lives out of state or if they aren’t one and the same person who is named in the will, the court will most likely issue that bond posting is needed. It’s only when it takes effect that the executor can carry out his legal rights towards the estate. 

Administering the estate

According to the instructions left in the will, the executor then begins to administer the estate. They are the ones who are supposed to write up an inventory. This inventory needs to include the liabilities and assets. It is also the executor's job to notify the beneficiaries, distribute the assets, and pay any debts. The executioner is responsible to see to it that all debts are paid. Also included is filing the last tax returns on the estate. Both debts and taxes are paid from the estate’s funds. 

Distribution of the estate

After the affairs of the deceased person have been all wound up, the final step is the distribution of the estate by the executioner. If those who stand to inherit are very young, a trust can be set up in their name.

 

Very large estates can take years to probate, or estates that continue to generate assets, but most estates don’t take that long but they do take a long time. While you still can, it’s best to be in contact with a probate attorney to handle your estate now. This will save your loved ones a lot of time and effort later on.