Four Steps To Probate Success

In spite of advertisements to the contrary, the probate process can seldom be avoided entirely. There are many benefits to keeping as much of an estate out of probate as possible, but this legal process is often necessary for at least part of a deceased's property and debt. For property that has no other legal instrument, such as a trust, to direct it's disbursement, probate is required and it pays to have a good understanding of this process. Read on to learn more about the four steps to probate success.

1. The Court Filing

The probate process officially begins with the filing of the last will and testament with your county probate court, where it then becomes a public document. The will's named executor will be charged with overseeing the probate process and will work closely with the estate attorney during the next several months to ensure that the wishes of the deceased are properly carried out. The filing of the will will trigger notifications to any beneficiaries, who can challenge any part of the will by requesting a hearing before the probate judge. At this time a notice is published in a local newspaper that invites any creditors who may have an interest in the estate to step forward or lose their opportunity to collect any debts owed by the deceased.

2. The Inventory

The executor (sometimes called a personal representative) is responsible for taking an accounting of assets and debt while the will completes its court processing. Assets may include real estate, bank accounts, investment accounts, art, jewelry, pets, automobiles and more. A professional appraiser must be called upon in some states to value the real estate.

The debts must also be accounted for, and a primary responsibility of the executor is to ensure that taxes are paid when due. In some cases, assets must be sold to pay any income or property taxes owed, otherwise cash in bank accounts are used to satisfy the government tax obligation. Working closely with an estate attorney when paying bills, such as mortgage and credit card bills, is vital since some bills must be paid during probate and some should be paid after probate is complete.

3. Disbursement of Assets

Once the waiting period for creditors to come forward has passed, the assets of the estate must be transferred to the named beneficiaries. The probate process is complete and a final deposition is sent to all involved parties. A record of the financial transactions that took place during the probate process is provided to all interested parties, and includes details about taxes paid or upkeep maintenance for a house.

4. Legal Transfers

Finally, official documents are drawn up and filed with the courts to designate new ownership over bequeathed assets. Quit claim deeds are filed for real estate transactions and titles for vehicles are changed with the local clerk of the court offices. The job for the executor is largely complete at this time, since a copy of the probated will is sufficient for the new asset owners to make the needed changes.

Contact an estate planning attorney for more information about wills and the probate system.