According to a probate lawyer in Texas, probate is the legal process through which the court oversees the estate of a deceased person to make sure the debts against the estate are paid and the estate is properly distributed to the heirs.
Many people think that probate must be opened if you only have a will. Not true! Your estate may be probated whether or not you have a will.
A valid Last Will and Testament will determine how your estate is transferred during probate and who will receive the assets held in your estate.
An invalid Last Will and Testament is referred to as dying intestate. This means the state laws of intestacy, in the state where you reside, dictate who will receive the assets of your estate.
There are general rules of probate that are applicable to all states; however, the rules of probate may vary from state to state. You can hire estate planning attorneys – Israel & Gerity, PLLC to get your finances and land disputes sorted.
Appointment of Personal Representative
First, a personal representative, also sometimes referred to as an executor, must be appointed to oversee the administration of the probated estate. You name the individual you want to be your personal representative in your will. This person oversees your estate after you die. However, if you die without a will, the court will select and appoint a personal representative for you. A family member, such as your spouse or an adult child, may apply to be appointed by the court as the personal representative of your estate. The probate lawyers in Cape Cod is whom you need to get in touch with to help you sort your issues out.
Once the personal representative is appointed, the court will issue him or her Letters of Personal Representative or Testamentary Letters, which is an official document granting authority for the individual to act on behalf of the estate. This person is also bound by the state’s rules or statutes that regulate the actions of a personal representative. The personal representative must file documents referred to as a Petition for Probate of Will and Appointment of Personal Representative with the probate court. This Petition begins the probate process.
The personal representative will need to provide the original will if one was signed. If so, the court issues an Order admitting the will to probate, which acknowledges the will’s validity. Some wills require the personal representative to “post a bond” with the probate court, which guarantees that the personal representative is going to take good care of the estate.
Notifying Creditors, Heirs, and the Public
In Arizona, the personal representative must publish a notice of your death in a local newspaper. This serves as a notice to the public that your estate has entered probate and enables those who believe they have an interest in your estate, such as a creditor, to file a claim against your estate within 4 months.
Providing an Inventory of the Estate Assets
One of the personal representative’s jobs is to create an inventory of your property, both real and personal, so the value of the estate can be calculated. He or she needs to make sure you left enough to cover the debts and distributions to beneficiaries. If there is not enough to cover all the debts, one or more beneficiaries may receive less than you intended, or even at all, after the debts have been paid off.
The personal representative must collect and inventory the assets to make sure all the property is available for distributing at the end of the probate process. If property is missing, or you no longer own it at the time of your death, sometimes replacement assets or the cash equivalent, can be used to replace the missing property. It is important to have a good idea of what your estate is worth so you can make intelligent choices for your estate plan. An estate planning attorney should be able to help you with this.
Distribution and Accounting
After the inventory is prepared and filed the personal representative is responsible for paying creditors/ bills (medical and funeral expenses), taxes, and all other remaining claims. Although it varies from state to state, payments are typically made to any estate administration costs such as legal advertising, appraisal fees, personal representative fees, and attorney fees.
After the creditor period expires, and with whatever money is left after paying the creditors, the personal representative distributes the remaining assets (the residue) to the beneficiaries named in the will. If there is no will, the Arizona laws of intestacy determine how, and to whom, the remaining property is distributed.
If the personal representative follows all the applicable rules of probate procedure, and all notices and communications are properly handled, the personal representative is usually protected against any subsequent, late-arriving claims or liability. All items that are filed in the probate proceedings become part of the public record. After all assets have been distributed or otherwise dealt with, the personal representative is responsible for providing an accounting of their efforts including the gains, losses, and expenditures of the probated estate.
Probate Timeline
Some probate processes can be moderately straightforward, while others can be rather complicated. For that reason, it is difficult to give an exact timeline for a probate. However, the simplest estates may begin and finish probate proceedings between six to eight months. If there are any complexities, such as the will being contested by any beneficiary, property is owned in different states, or several creditors emerge and demand payment, the probate may take anywhere from four months to two years. Before beginning probate proceedings, we recommend you speak to an attorney to ensure you receive adequate counsel regarding the probate court. Protecting your property with the help of elder law lawyers from Orange County is a good idea so you don’t get cheated.
If you have any questions or are interested in setting up a probate consultation with one of our attorneys, please call the Carroll Law Firm today at 623-551-9366!
