Probate Process

Probate Process

What is Probate Process? ď‚— Probate is the process used by

states to settle the estate of a deceased person. ď‚— The process usually runs several thousand dollars for even simple estates and far higher if there are complicated issues or family disputes.

Step of Probate Process  Identifying the property  Identifying the properhires  Pay any outstanding taxes &

debts  Distribute property to hires

Probate is a process that includes  Filing papers requesting the

court to “admit” a will to “probate”.  Appointing the “executor” designated under the will to gather all of the assets.  Paying all debts of the estate.  Making distributions of the remaining estate to the designated legatees under the will.

Probate process requires at least two court hearings ď‚— Submit the documents to

the court for its approval. ď‚— Court hearing to close the estate once the probate process is completed.

Assets to avoid probate  Payable-on-Death/Joint

Accounts  Retirement accounts  Transfer on Death Deed  Trust Planning

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