What Is the Process for Probating a Will?

104 10

    Verification of the Will

    • The process of probating a will begins in the jurisdiction of the deceased individual's residence shortly after the individual's death. Typically, an executor or administrator, someone chosen by the deceased to act on the behalf of the deceased, will come forward with the original will for verification. After the verification of the will and the formal appointment of the executor by a judge, the court will issue an order to admit the will to probate and a county clerk will record the order.

    Inventory

    • The next step in the process of probating a will is the collection, inventory and appraisal of all of the deceased's assets that are subject to probate. At this point, the executor will take a complete inventory---including account numbers, balances and any money owed by the deceased---of the estate assets and file the inventory with the court.

    Payment of Estate Expenses

    • The next step in the process of probating a will is to pay all of the estate expenses, including final bills, taxes and creditors. Typically, the surviving immediate family of the deceased will receive a small portion of the estate prior to the finalization of all debts and accounts. After the immediate family receives a portion of the estate, the executor will typically open an estate checking account to combine all the financial accounts and pay the final estate expenses. The executor will then review all final bills, debts and claims against the estate, pay the valid claims and reject the invalid claims. At this stage, the executor or administrator may enlist the help of a lawyer for compensation negotiation.

    Settling the Estate

    • The final stage in the process of probating a will is the formal transfer of the contents of the estate as directed by the will. Prior to transferring or selling real estate or beginning the final distribution process, the executor must wait the legally specified time as directed by state law. After the waiting period expires and all valid claims are settled, the remainder of the estate is available for a final distribution to the beneficiaries or heirs. After this distribution, a judge will approve the final settlement, leaving the executor without any further duties and the estate legally settled.

Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.