Probate
What do you do when a loved one dies without a trust?
Probate is the legal process of passing property from a deceased person to their beneficiaries or heirs. Probate is necessary to transfer title to property such as bank accounts, real property, and automobiles which the decedent owned at death. A personal representative, an executor if named in the Will or an administrator if appointed by court, will be approved by the court to probate the decedent’s estate.
The personal representative’s duties include notifying all creditors of the decedent’s death, filing an inventory and appraisal listing all assets, and the court appointed referee will appraise the assets. The personal representative also must file the decedent’s tax returns and pay any taxes from the estate. Approximately a year after the probate process in initiated, the personal representative will file a final petition for probate along with a final accounting and if the court approves, a final order of probate is entered.