Probate
Candlefocus EditorThe first step in any probate proceeding is to determine if a will exists. If there is a valid will present, the court must first determine if it is authentic, or if it was forged or created under fraudulent circumstances. The court may ask questions or require testimony from the witnesses who signed the document in order to verify its validity. Once the court determines it is a valid will, it must next consider the validity of the provisions in the will. Any omissions, ambiguities, or unclear elements of the document must be clarified. For example, when property is not properly identified in the will, then a variety of steps must be taken to make an accurate determination of its ownership.
Once the will has been validated, the court will work with the executor to inventory the assets of the estate. This includes reviewing all records – legal, financial and personal – to assess the value of the estate and any outstanding debts. Additionally, appraisers may be consulted to properly value immovable property, such as a home or large land parcel. This is typically the pecuniary stage of the probate process, during which creditors are also paid off.
Next, the executor must ensure that all taxes, debts and other liabilities have been paid. All costs of the probate will be drawn from the estate before distribution. Any leftover assets are then divided among the beneficiaries in accordance with the will. If the deceased has devised their estate to include certain gifts or trusts, then the executor is responsible for making sure those are accounted for.
The probate court must then enter an order of final distribution approving the transfer of assets to the designated beneficiaries. Once this is completed, the probate process will be over and the assets of the estate can be formally transferred to their rightful owners.
Probate proceedings are undoubtedly complicated, but they are also important. Without a will, it is much more difficult to divide assets, and it can take much longer. Probate gives executors the necessary tools and legal authority to settle a deceased person’s estate, and is often the most convenient way to ensure that the deceased person’s wishes are fulfilled. individuals can minimize the complexity and cost of a probate by maintaining a valid will or using investment vehicles that do not require probate.