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Wills · Living Trusts · Probate Law ·
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Probate Overview
What is probate?
Probate is
the process through which a will is "approved" and determined valid. During the
probate process, lawyers and judges will identify the property in your estate,
settle any debts levied against it, and dole out whatever is left to your
beneficiaries.
How does probate work?
After you die, your
executor--virtually always working in tandem with a lawyer--will file your will
in the probate court of the county in which you live, inventory your assets and
your debts, and send a formal notice to each of your heirs saying that the will
has been filed for probate. If any of your heirs wants to contest the will, he
or she will do so now. If no one questions your provisions, a probate judge will
approve the will. Your executor then pays any debts owed by your estate
(including estate taxes) and disperses remaining assets to your beneficiaries.
Your executor will almost certainly have to hire a probate lawyer to
file your will and to represent your estate through this process. (Some states
won't even allow the executor to file the papers on his or her own.) Probate
lawyers traditionally charge a fee based on the overall value of your estate.
In this section, you will find:
- Starting The Probate Process: The probate of every estate is
unique. But your flexibility, while keeping in mind the overall picture, and
your careful use of professional advisers will help you complete any tasks you
have as executor more efficiently.
- Assembling The Documents You Need For Probate: Organization is
critical for managing any estate. There is always the risk that a beneficiary
or other person may question your actions, so you should take steps to
organize correspondence and other paperwork.
- How To Handle The Estate's Financial Transactions If You're The
Executor: The basic rule of maintaining proper financial records for an
estate is to document absolutely everything. The greater the detail the
better.
- The First Step In The Probate Process: Reading The Will: Reading
and understanding the will is an essential step for every fiduciary (executor,
trustee and guardian) and even for any beneficiary who wants to be sure that
he or she received everything provided.
- The Court's Involvement In Approving The Distribution Of An Estate:
Probate wouldn't be probate without court proceedings, but the level of court
involvement can range from a nominal amount of time and money to major
litigation.
- Probate Pitfalls: When You Need An Attorney: Most probate cases are uneventful, but sometimes they
turn into nightmares that require an attorney's assistance.
Copyright © 2000-2002 American Estate Planning Attorney Directory. All
rights reserved.
AEPAD is the American Estate Planning Attorney
Directory. While the information on this site deals with legal issues,
it does not constitute legal advice. If you have specific questions related
to information available on this site, you are strongly encouraged to consult
an attorney who can investigate the circumstances of your situation and the
particulars in your state.
