Probate is the term describing the legal process of transferring probate assets to the intended beneficiaries (if there is a Will) and/or heirs at law (if there is no Will, or an incomplete Will). When someone dies, his/her estate typically has to “go through” the probate process in order to clear title to assets and/or transfer those assets to the intended new owners. This is especially true if the decedent owned real property (even if jointly with another person or in a Revocable Trust).
The probate process is the Probate Court’s supervision of the estate to make sure that the decedent’s assets are appropriately identified, managed, and distributed and required debts are paid.
Every probate experience is unique, but for most, the general process includes:
Filing documents with the appropriate Probate Court to “open” probate.
Identifying, locating, and notifying beneficiaries and/or heirs of the estate (interested parties) that the estate is being probated.
Providing interested parties with the opportunity to contest a Will or the proposed Executor/Administrator.
The Probate Court appointing an Executor (if there is a valid Will, or an Administrator if there is no valid Will) who will be responsible for the estate.
Identifying, securing, valuing and managing all estate assets.
Providing notice to creditors so that creditors can bring timely claims against the estate.
Reviewing and paying creditor claims in whole or in part or denying claims and defending the position of denial.
Managing and selling assets, such as real estate, vehicles, stocks, bonds, etc.
Reporting to the Probate Court throughout the process using required probate court forms.
Timely paying the required statutory probate court fee, and, if applicable, paying any federal or state gift and estate taxes due.
Transferring assets to beneficiaries or heirs-at-law.
Notifying the probate court that the estate has been appropriately administered, all debts have been paid and assets distributed and the estate can be officially closed.