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Probate Administration: A Quick Look at the Steps in the Process [infographic]
Tarantino Law, PLLC • June 20, 2024
Probate administration is a legal process where a deceased person’s estate is distributed to heirs and any debt owed by the decedent is paid off. Probate administration typically includes several steps , which may include:
- Open the Estate— A petition is filed with the probate court to open the estate, and if a will is present, the court appoints the executor named in this document. If there is no will, the court appoints an administrator.
- Notify Interested Parties— All heirs and beneficiaries receive notice of the probate proceedings. A notice will also be published publicly to notify creditors of the probate process.
- Inventory the Estate— All the assets owned by the deceased are gathered, including real estate, bank accounts, investments, and personal property. Appraisals are obtained for valuable items to determine their fair market value.
- Pay Debts and Taxes— The executor pays all debts owed by the decedent and prepares an income tax return on behalf of the estate.
- Distribute the Estate— If a will exists, assets are distributed accordingly. If there is no will, the assets are distributed according to state law.
- Close the Estate— The executor files a petition with the court to formally close the estate and discharge from their duties.
Our law firm can streamline the probate administration process. To learn how, contact our office!
The post Probate Administration: A Quick Look at the Steps in the Process [infographic] first appeared on Tarantino Law, PLLC.
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Probate is a legal process where a deceased person’s estate is managed and their assets are properly distributed according to their wishes or state laws. Many myths surround probate administration, and here are a few common ones we hear from people regularly. Myth #1: Probate is long and complicated. While probate can take time, it […]
The post Five Common Myths About the Probate Administration Process [infographic] first appeared on Tarantino Law, PLLC.
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