Don't Be Intimidated By Probate: 3 Easy Moves To Make
The prospect of the unknown can be scary, and sometimes it's only once you see a feared subject explored that you can relax and understand it. Probate can be an intimidating word, but broken down into three easy moves it becomes much less scary. To read a brief summary of how probate works in most cases, read on.
1. Locate the will and file it in probate court: A will can often be found in a secure location in the home or in a safe deposit box at the bank. The estate attorney will always have a copy if all else fails. The attorney will handle the reading of the will and will file it in court. Probate usually takes a few months to process, depending on how large the estate is, how big the court case load is in your county, and whether or not someone comes forward to contest the will.
In the meantime, an announcement will be placed in a local paper urging any creditors to come forward with any claims against the estate. Once the will is read, you will know the name of the person selected to oversee the will during probate, known as the executor or personal representative.
2. Attend to the estate during probate: If you are the executor, you will have a few duties during probate. The value of the estate is of importance to the probate process, so an inventory will need to be accomplished. Inventorying means that you will need to make a list of all property and its value. You may be required to hire a real estate appraiser to determine the value of the home or other real property. A common inventory might contain the home, boats, cars, art, jewelry, bank accounts, stocks and bonds, pets (yes, the courts consider them property), and more.
The home must be kept safe during probate, and any needed maintenance or repairs should be done in a timely manner. Condo fees, if any, must be paid as well as any property taxes. Certain other bills should be paid, but some should wait until after probate. Speak with an attorney, such as David R Webb Attorney, for more detailed information about handling debts during probate.
3. Distribute the estate: Probate will be eventually complete and the executor must now perform the final task: to distribute the contents of the estate according to the will. A copy of the death certificate and a copy of the probate paperwork should be provided to any beneficiaries, who can then take ownership of any real estate or vehicles. For other items, such as jewelry or furnishings, the executor can simply give the recipient access to the items.
Talk to an estate attorney for more information.