Just what is probate?
Probate is the legal process of paying the deceased’s debts and distributing the estate to the rightful heirs. This process usually entails: • The appointment of an individual by the court to act as “personal representative” or “executor” of the estate. This person is often named in the will. If there is no will, the court appoints a personal representative, usually the spouse. • Proving that the will is valid. • Informing creditors, heirs, and beneficiaries that the will is probated. • Disposing of the estate by the personal representative in accordance with the will or state law. The spouse or personal representative named in the will must file a petition with the court after the death. There is a fee for the probate process. Depending on the size and complexity of the probable assets, probating a will may require legal assistance. Assets that are jointly owned by the deceased and someone else are not subject to probate. Proceeds from a life insurance policy or Individual Retirement
A. Probate is the legal process of paying the deceased’s debts and distributing the estate to the rightful heirs. This process usually entails: • The appointment of an individual by the court to act as “personal representative” or “executor” of the estate. This person is often named in the will. If there is no will, the court appoints a personal representative, usually the spouse. • Proving that the will is valid. • Informing creditors, heirs, and beneficiaries that the will is probated. • Disposing of the estate by the personal representative in accordance with the will or state law. The spouse or personal representative named in the will must file a petition with the court after the death. There is a fee for the probate process. Depending on the size and complexity of the probable assets, probating a will may require legal assistance. Assets that are jointly owned by the deceased and someone else are not subject to probate. Proceeds from a life insurance policy or Individual Retireme
