When probate is granted the deceased's chosen executor or the court-appointed administrator begins the process of paying off debts and distributing assets, according to FindLaw. If there is property not directly bequeathed to anyone, it is sold, and the funds become part of the estate.Know More
During the probate process the court officially appoints an executor or administrator for the will. If the decedent died without a will, the court chooses and appoints an administrator. If the decedent had a will in place, the court names the individual designated as executor, according to Bay Financial Associates.
After that appointment the executor or administrator has the responsibility of making sure all debts and taxes are promptly paid by the estate and that all assets are distributed to the named beneficiaries. Before probate is granted the individual who is chosen as executor or administrator has an opportunity to decline the appointment if he wants, indicates FindLaw.
During the probate process the named executor or administrator needs to open up a checking account to be used exclusively for the estate. Estate money and personal money cannot be mixed. Additionally the executor or administrator needs to continue to make payments on any accounts that must remain open until the estate's dissolution is final.Learn more about Law
The probate process varies from state to state, but generally refers to the court-supervised process in which a deceased person's assets are gathered and distributed to creditors and inheritors, states LegalZoom. Some states have adopted the uniform probate code, which aims to simplify the probate process, especially for smaller estates.Full Answer >
The executor of a will collects the assets of an estate, pays outstanding debts and taxes, and ensures that those named in the will receive the property that the decedent specified they should have, according to DoYourOwnWill.com. The executor may also oversee investments of the estate.Full Answer >
Although the executor of an estate can, in many cases, settle the deceased's affairs without legal assistance, a dispute between the inheritors or the sale of a business or other commercial property can become a complicated affair that requires professional help from a probate lawyer. Under these circumstances, or if there are taxation issues or insufficient funds to settle the deceased's obligations, Nolo, the legal advice and lawyer referral website, recommends consulting or retaining an experienced estate attorney should be consulted or retained. The degree of proactive estate planning set up by the deceased can be a significant factor in determining if an executor requires professional assistance.Full Answer >
Letters testamentary is a document issued by a probate court to the executor of the estate of a deceased person, according to Nolo. This document authorizes the executor to settle the estate as outlined in the person's will.Full Answer >