You will note that a probate will often be the initial process in the administration of the estate of a deceased person. It aims at resolving all pending issues and the distribution of the property that has been left behind by a deceased. It is through this process that the validity of the will that is on the table will be proved. There are a number of aspects that are taken into consideration in this process. You will realize that it is important to comprehensively understand the basics behind this particular probate process.
There will always be the filing of a petition. This will often be aimed at giving a notice to the heirs as well as beneficiaries. This will usually include the publication of legal notices. Such will often be published in a local newspaper. There has to be the expression of the willingness to probate as well as appoint an executor. This will be carried out in the event that there is a will in place. In the event that there is no will, an administrator will have to be appointed. It will be upon this chosen representative to ensure that all creditors to this estate are duly notified. It is necessary for this notice to be in written form. A creditor that has a claim to stake in this estate will have to do so within a given period of time. There has to be the full accounting of the inventory of this estate. This wil take into account all stocks as well as real property. You are free to appoint an appraiser to value all these properties.
It is necessary that you understand that all expenses relating to the funeral, taxes and even debts will have to be paid from the estate. The representative that has been appointed will be tasked with the verification of the legitimacy of these claims. You will note that part of the estate might have to be sold to pay for any obligation that the deceased had. It is important that you keep in mind that the beneficiaries as well as heirs to the estate will only be settled once creditors have been paid. This must be made clear right from the start.
The assets will then be moved to all the heirs as well as beneficiaries. This will be done according to how the deceased indicated in his will. You will be forced to go with intestate rules in case there is no will. A trust will have to be formed in case there is a need to take care of the minors’ interests. New deeds will then be drawn for the beneficiaries once the process will be completed.