Probate
Probate is the process by which a court makes sure that the property of a person who has died actually goes to the heirs or the persons named in the will. In normal circumstances a will is filed with the court and the person chosen by the deceased in the will is appointed personal representative. The personal representative then steps into the shoes of the person who has died and becomes responsible for carrying out the instructions contained in the will.
The personal representative works with an attorney to publish notice of the death, pay off all the legitimate debts of the deceased, pay any taxes that become due, and then transfer the property of the deceased to those persons named in the will.
In recent years companies selling pre-written trusts and other financial plans have used half-truths about probate to scare people into buying their products. Normally probate is neither expensive nor lengthy. In addition, it has protections for both the personal representative and the heirs. The most important protection is that probate has a set procedure for paying debts. If creditors do not make their claims within four months, their claims are barred. Thus, probate provides assurance to heirs that what they receive is completely and finally theirs. Another advantage to probate is that the personal representative can get court approval of any unusual transactions and thereby avoid lengthy and contentious disputes among heirs. Attorney fees for a probate are paid from the estate after being approved by the court.
The experience of being a personal representative for a loved one can be interesting and rewarding. If you find that you have been named to be a personal representative, contact an attorney experienced in probate and work hand in had with her to ensure that the wishes of the deceased relative are carried out in a prompt and professional manner.
The personal representative works with an attorney to publish notice of the death, pay off all the legitimate debts of the deceased, pay any taxes that become due, and then transfer the property of the deceased to those persons named in the will.
In recent years companies selling pre-written trusts and other financial plans have used half-truths about probate to scare people into buying their products. Normally probate is neither expensive nor lengthy. In addition, it has protections for both the personal representative and the heirs. The most important protection is that probate has a set procedure for paying debts. If creditors do not make their claims within four months, their claims are barred. Thus, probate provides assurance to heirs that what they receive is completely and finally theirs. Another advantage to probate is that the personal representative can get court approval of any unusual transactions and thereby avoid lengthy and contentious disputes among heirs. Attorney fees for a probate are paid from the estate after being approved by the court.
The experience of being a personal representative for a loved one can be interesting and rewarding. If you find that you have been named to be a personal representative, contact an attorney experienced in probate and work hand in had with her to ensure that the wishes of the deceased relative are carried out in a prompt and professional manner.
