Settling an estate? Wondering what probate is?
By this point, you are probably realizing how complicated and overwhelming the probate process is.
You’re not alone. The probate process is an unfortunate complication that can occur after the death of a loved one, but it is important to understand how it all works.
If you have been named the executor in a will and have the responsibility of settling an estate, you might need some help. Here are six tips for getting through the probate process.
- Determine When Probate Is Necessary
The first step in the probate process is determining if it will be necessary for your situation. If a person writes a will and names an executor, you should not have to do anything. If they don’t write a will, then probate is necessary.
However, if they named multiple alternates or gave different instructions on who should act as executor, then there might be confusion about who should be responsible for probate.
In this case, there are two things you need to do:
- Talk with your loved one’s lawyer about the matter
- Review their will in detail
If they named the right person or people in their documents, then that will clear up any questions. If not, you might have a few choices of who should serve as executor.
When probate is not necessary, take some time to determine which of the available alternatives will suit your situation best. Within each are pros and cons that must be considered carefully before making any decision.
These include:
- Independent administration
- Guardianship
- Conservatorship
Two of the more common alternatives are Guardianship and Conservatorship. You can learn more with this link.
- Start the Process by Filing a Petition with the Court
Once you’ve determined that probate will be necessary, contact an attorney. A lawyer will help you when you find out that probate will be necessary.
The first thing they need to do is file a petition with the court to get started. They will ask about assets, debts, and insurance coverage.
The executor named in your loved one’s will could also ask for an independent appraisal of all property. This will determine default values without having access to personal information about how much everything costs.
All of these documents will help give the court all the information they need when it comes time to decide whether to approve the executor.
- Decide Whether to Employ a Lawyer
When it comes time to hire an attorney, you have two options: Do it yourself or hire one. Many people working in probate law opt to do everything themselves without a lawyer’s assistance because of how expensive these attorneys can get.
In some cases, especially if there is no opposition from anyone involved with the estate, then this might be your best course of action.
If someone opposes you being named as an executor, then they can come to the hearing and hire an attorney. You should do this too. This way, your rights won’t be violated, and you will get a chance to speak, too.
- Take Care of All Taxes Before Distribution
One of the most important parts of the probate court process is making sure all taxes are taken care of before anything is distributed. This includes capital gains taxes, estate taxes, and income taxes.
If you fail to do so, then it could become very expensive for everyone involved by giving the government permission to seize some or all assets until everything has been paid off.
If your loved one died and left money, the executor named in their will can apply for an extension on filing these forms. They can do this if they feel that there is not enough money to cover any tax liabilities.
But doing so could make the entire estate liable for penalties assessed against late filings.
- Properly Transfer Sure Assets
Once the funeral has passed, and you have taken care of any taxes, you need to divide up everything your loved one owned. You will need to transfer any assets or property outside the estate.
If there are any liens held against these assets, then you can pay them off before transferring them. Otherwise, you will end up with a huge financial burden on your hands for mishandling their sale.
- Allow Plenty of Time Before Distribution
There is no set timeline for how long it will take to go through probate. If people don’t oppose the executor’s appointment, then it should move faster than if people do oppose it.
It also depends on where everyone is from and the assets that are involved. In general, the process takes a long time.
Allow at least 90 days for the distribution regardless of how much time is needed for everything else, because some courts can take up to a year before issuing a ruling after everything you have presented.
Want to Learn More About the Probate Process?
The probate process can be complicated and overwhelming. We hope these six tips have helped you understand what is probate process, and given you peace of mind that everything is being handled properly!
If you’d like to learn more about things like how long does the probate process takes, and all about the probation ending process, please visit our blog!
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