What The Probate Process Involves
You will note that a probate will often be the initial process in the administration of the estate of a deceased person. It will often seek to make sure that any pending issue is addressed and the distribution of the assets left behind by the deceased be done. This will often be a process that seeks to prove that the will that was left behind by a person is actually valid. You will find that there are a number of aspects that attention is paid to in this process. It is actually necessary that we explore the entire process of a probate.
There will always be the filing of a petition. This is purposed to serve as a notice to the heirs and even beneficiaries. Such will often take into account the publication of a legal notice. This will often be published in a local newspaper. There has to be the expression of the willingness to probate as well as appoint an executor. This will be carried out in the event that there is a will in place. In case there is no will, there will have to be the appointment of an administrator. The representative that has been chosen will then be required to notify all creditors of this estate. This notice is usually written. A creditor that has anything to claim from this estate will be required to do so within a predefined period of time. There has to be the full accounting of the inventory of this estate. This will take in consideration all real assets and stocks. An appraiser can actually be used to value these assets.
It is important that you fully understand that all expenses relating to the funeral, all taxes as well as debts will have to be paid from this estate. It will be upon the appointed representative to verify the legitimacy of any of these claims. You will find that there are instances where part of the estate will have to be sold so as to cover a number of debts that were being owed by the deceased. You will also need to remember that the beneficiaries to the estate will only be settled once creditors have been paid. This needs to be made clear right from the beginning.
The assets will then be transferred to all heirs and legatees. Such will have to be done as per the wishes of the deceased. You will be forced to go with intestate rules in case there is no will. A trust will have to be formed in case there is a need to take care of the minors’ interests. There will always be a need to draw new deeds for all the heirs as soon as this whole process reaches its conclusion.