Probate
When you’re grieving the loss of a loved one, going through the complicated legal and financial process of probate can seem overwhelming. If you have been tasked with admitting a last will and testament to probate and managing your loved one’s estate, you likely have many questions about the probate process and what you can expect when working with a probate lawyer. Below, we will provide details on the probate process, go over important terms to know, and explain how an experienced probate lawyer can help.
Probate Terms to Know
The legal process of probate involves terminology that may be unfamiliar to you. Understanding these key terms and how they relate to probate will assist you in the process.
Decedent – The deceased person whose estate is going through probate
Executor – Also known as a personal representative, this refers to the person in charge of carrying out the decedent’s instructions detailed in their will.
Administrator – If someone dies without leaving a will, the court will appoint an executor, known as the administrator.
Intestate – This refers to a person who has died without a will
The Process of Probate
Probate is the process of administering a person’s estate after his or her death. It involves locating and assessing the value of the decedent’s assets, paying any bills and taxes, and distributing the assets to the rightful beneficiaries.
The process begins by authenticating the will. Most states require the will be filed with the probate court, along with an application or petition to open probate of the estate. After reviewing the will and signed affidavits, the probate judge will confirm the validity of the will. If there is no will, the judge will appoint an administrator to settle the estate.
The executor or administrator’s first task is to locate, take possession, and assess the value of the decedent’s assets. Depending on the estate’s size and whether assets are properly listed in the will, this process can take a fair amount of time. The executor must also notify the decedent’s creditors of his or her death. Debts are then paid to the creditors, and any estate taxes are also paid.
Lastly, the distribution of assets begins. In most states, the executor will need to file a petition and get permission by the court to do so. The remaining assets will then be distributed to the rightful beneficiaries. If the decedent did not have a will, the assets would be distributed to the closest relatives in an order determined by the state’s law.
Is Probate Always Required?
Not all estates need to go through probate. Generally, if the estate is considered small, probate is not required. When the estate is below the state-determined amount, assets can be distributed without first going through probate.
Probate is also not required when the property can pass outside of probate. Examples include jointly-owned property, assets with a designated beneficiary, and assets listed in a trust.
How a Probate Lawyer Can Help
A probate lawyer is an attorney who works with the executor and beneficiaries of an estate to settle the financial affairs of a decedent. They provide invaluable assistance during the probate process by:
- Preparing and filing all necessary documents with the probate court
- Identifying and securing assets of the estate
- Obtaining appraisals for the decedent’s property
- Collecting life insurance policy payouts
- Ensuring all expenses and debts are paid
- Managing the estate’s bank accounts
- Ensuring all income tax is paid
- Making sure all estate and inheritance taxes are paid
- Transferring the decedent’s property to the designated beneficiaries
- Disbursing the final monetary assets to the beneficiaries
Finding a Qualified Probate Lawyer
Distributing the estate of a loved one can be a daunting task. Fortunately, an experienced probate lawyer can guide you through the many necessary steps and ensure the estate is distributed correctly.
Choosing a qualified probate lawyer is essential, whether to answer a few questions or handle probate administration. Probate involves legal and financial issues, as well as many personal matters. So, it is crucial to work with an attorney who you feel comfortable with.
Most probate lawyers offer a free initial consultation, which provides an excellent opportunity to determine if he or she will be a good fit. As with any legal matter, it is best to interview several lawyers before deciding. Some helpful questions to ask your potential attorney include:
- How many probate cases have you handled?
- What is your fee structure, and what is an estimate of the total cost?
- Approximately how long will my case take?
- What potential issues may arise?
Careful assessment of the attorney’s responses to these questions and the manner in which they respond will help you choose an attorney who is experienced, qualified, and attentive.