Probate law refers to the legal process through which a deceased person’s assets are distributed and their affairs are settled. This process typically involves several steps, including:
Authenticating the Will: If the deceased left a will, it needs to be authenticated to ensure its validity.
Appointing an Executor: The court appoints an executor or personal representative, who is responsible for managing the deceased’s estate and ensuring that assets are distributed according to the will (or according to state laws if there is no will).
Inventory and Appraisal: The executor identifies, inventories, and appraises the deceased person’s assets. This includes real estate, bank accounts, investments, personal belongings, and other properties.
Paying Debts and Taxes: Before distributing assets to beneficiaries, the executor must settle any outstanding debts and taxes owed by the deceased’s estate. This may involve selling assets if necessary.
Distributing Assets: After debts and taxes are paid, the remaining assets are distributed to beneficiaries according to the terms of the will or according to state laws if there is no will.
Closing the Estate: Once all debts are settled and assets are distributed, the executor petitions the court to close the estate.
Probate laws can vary significantly from one jurisdiction to another, so the specific procedures and requirements may differ depending on where the deceased person lived and owned property. Additionally, probate can be a complex and time-consuming process, often requiring legal assistance to navigate effectively.