Probate is the process by which a deceased person's
property, known as the "estate," is passed to his or
her heirs and legatees (people named in the will). The
entire process, supervised by the probate court, usually
takes about a year. However, substantial distributions
from the estate can be made in the interim.
The exact rules of estate administration differ from state to state. In general,
they include the following steps:
- Filing the will at the probate court.
- Collecting the assets.
- Paying bills and taxes.
- Filing tax returns and other required documents.
- Distributing property to the
heirs and legatees.
- Filing a final account.
Some of these steps can be
eliminated by avoiding probate through joint ownership
or trusts. But whoever is left in charge
still has to pay all debts, file tax returns,
and distribute the property to the rightful
heirs. You can make it easier for your heirs
by keeping good records of your assets and
liabilities. This will shorten the process
and reduce the legal bill.
Please contact us to
arrange for a consultation to discuss
your case. |
