What Happens in Probate?
Probate is the term when the deceased has a will. If there is no will, there is administration. Under probate, there is an executor who has the power and exemptions granted in the will. Under administration, there is an administrator who can petition (with the consent of the heirs) for the court to give certain powers and exemptions [note: this description is extremely simplified]. Most probate is done in solemn form so as to get closure fairly promptly rather than having the estate remain in limbo for some time. Nonetheless, the estate may remain open for some time while clearance is being gotten from the taxing authorities, and during this time the executor is responsible for managing the assets of the estate and paying taxes for the estate’s income (on a fiscal year -except that the estate’s income or loss may be carried out to the residual beneficiaries’ income tax returns in the final year of the estate). In some simple cases where there are no debts and the heirs are in agreement
