Probate is a process supervised by the court for sorting and authenticating assets left after someone dies. The process ensures the properties are evenly distributed to the creditors and inheritors. It is a daunting process that is full of challenges in case a lawyer is not involved.
Most chosen executors are ever overwhelmed by handling this complex and lengthy process. It includes:
Validating the Final Will
The estate planning attorney has to validate any testament or will of a deceased. Therefore, anyone who might have the will is required to visit the probate court and file it at the right time.
Appointing the Executor or a Personal Representative
Tracy will lawyer a personal representative to oversee the probate litigation and settle the property.
At times the executor is needed to post a bond, an insurance policy to protect the estate in case of any losses. However, some will do not require the bond. For such, it all depends on the judge.
Identifying the Assets
Here, the probate lawyer will locate then take possession of all the deceased assets to secure and protect them.
Defining Date of Death Charges
The executor is needed to determine the date of death rates for the lest estates through account appraisals and statements.
Identifying and Notifying Creditors
The probate lawyer will now alert the decedent’s creditors on the death. Some executors publish the information in the newspaper to notify other creditors.
Clearing the Deceased Debts
In the case of debts, the creditors’ claims are paid. The probate lawyer pays all the deceased bills and debts using the assets funds.
Preparing and Filing Tax Returns
After the final debts are settled, the executor now files all the deceased the tax returns for the time they passed on.
Dividing the Remaining Estate
After all the above guide is followed, the probate lawyer petitions the probate court for a permit to distribute the left assets to inheritors named on the will.
Close the Estate
After everything is distributed, records, and receipt to the probate court, the estate is closed.
At Tracy law, we have probate lawyers that will take you through the probate litigation. They make a comprehensive plan designed to help your family in the future. Their services uncomplicated the probate process.
In case of any matters related to the probate process, call our professional and compassionate team at Tracy law estate planning attorney to assist you through the probate litigation.