Implementing the Last Will and Testament of a loved one after they have passed away can bring about a host of questions, and unexpected steps. This post provides a very basic guide to the Probate process, however, we highly recommend speaking to an estate planning lawyer as each probate matter is truly unique.
What is the Probate Process?
Though the Probate Laws of each state vary, the objective of the process is to authenticate the Last Will & Testament of the deceased, and to provide statutory parameters for distributing and closing the estate if the Will is found to be invalid.
Why is the Probate Process Necessary?
Similar to the designation of a manager when an Estate Trust is created, a Last Will designates a Personal Representative to carry out the wishes of the deceased regarding property, and financial decisions. A Will is distinguished from an Estate Trust in that when the deceased leaves a Will, the deceased’s estate must be closed, and all financial matters settled to end all interests and obligations of the deceased’s estate. In contrast, when the deceased has previously created an Estate Trust, the Trust becomes an entity that survives beyond the death of the creator, and continues to be managed by a person of the creator’s choosing.
What is Involved in the Probate Process?
It is important to know the specific Probate laws in the state where the deceased resided, however, the Probate process generally includes the Appointment of a Personal Representative. This is usually a person named in the Will, however, if that person does not wish to be the Personal Representative, the Law allows for the appointment of alternative representative. Once the Personal Representative is appointed, they are required to settle the estate by completing tasks such as identifying the assets of the estate, gathering information on creditors of the estate, notifying interested parties or beneficiaries, and calculating any taxes owed by the estate. Finally, the Personal Representative distributes any assets or funds of the estate and will request the Probate Court close the Probate process for that estate.
Each estate is unique and an estate planning lawyer can provide helpful guidance specific to your situation. If you, or a loved one, need assistance preparing a will, or preparing to open a Probate Matter, please reach out to Behrends Legal for a consultation to find out how we can help. email@example.com , or 970-578-9455.
*This article is not intended to be construed as legal advice, and does not constitute the creation of an attorney-client relationship. Prior to making any significant decisions related to its content, you should seek the counsel of a licensed lawyer for your state.