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  • Real Estate Specialist

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UNDERSTANDING PROBATES
 

     Everyone has a will or plan, whether created or by default. Even if you have not made out a will or trust , you still have a plan. A plan dictated by the laws of the state where you reside upon your death. Making a will is not a way to avoid "Probate", the court procedure that changes the legal ownership of the property after your death. Probate makes sure that it is your last valid will, appoints the executor named in your will and supervises the executor's work. You can do several things now that can help your executor and family later, hopefully much later on.

 I am in possession of a will that distributes the descendants estate to me, isn't this all I need?

NO. The will must be admitted to Probate and the estate of the descendant must be "Probated".

 What does Probate actually mean?

Generally, probate is a court proceeding that administers the estate of an individual..

 What is the purpose of estate administration?

1. Generally, there are 5 purposes, many of which have subsets to them:

2. To determine that the descendant is in fact dead.

3. To establish the validity of the will.

4. To identify the heirs and devisees of the descendant.

5. To settle any claims creditors may have against the estate of the descendant.

6. To distribute the property.

 Who is the Public Administrator?

Generally speaking, a public administrator is a person or entity appointed by the state to act when there is no will or relatives.
 
 What is the difference between Testate and Intestate?
 
When one is said to have died "Testate" it means he or she died leaving a will. If one is said to have died Intestate"    
it means he or she died without leaving a will.  

What is the difference between and executor and an administrator?

An "executor" carries out the directions and requests set forth in the descendants will. An "administrator' is appointed by the court to manage the estate of a descendant who dies intestate. 

What are the steps to a normal uncontested probate?

Very Generally speaking they are as follows:

1. Death of the descendant

2. The will is delivered to the executor or court clerk.

3. A petition is filed for the Probate of Will or Letters of Administration.

4. A hearing is held on the petition.

5. Letters of Administration are issued by the court.

6. Notice to creditors is given.

7. Inventory and appraisement of the estate is made by an independent probate appraiser.

8. File federal estate tax return. Return states. "NO TAX DUE" or specifies an amount due.

 9. Final accounting and petition for distribution.

10. Final decree of distribution.

11. Discharge of personal representative.

 While real property is in Probate, can it be sold?

Yes. It can either be sold at PRIVATE SALE.. in which the executor of the estate negotiates a transaction with a buyer or 
at public sale in which the property is sold at public auction.

 If there is no will, how is the property of the estate distributed?

The method and manner of intestate distributions is quite complex and therefore one should specifically discuss intestate     
distributions with his or her legal advisor.

 Call Cari Drolet TODAY... for a free consultation...

 

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