How does The Probate Process Work?
Probate can be very complicated and time consuming. After the loss of a loved one it is important that you carry out their final wishes.
Calling an expert at Final Duties can help you carry out the last will and testament of the deceased. Understanding how probate works can help you through the complicated process of death.
The main purpose of probate is to help in managing the estate or assets of a person who has died. Probate court is a particular type of court that deals exclusively with this process.
The first step in obtaining probate is to determine whether or not the deceased left behind a will and if so the court must prove that the will is valid. If there are multiple wills, then the judge will decide which one to use.
Also, in most countries, if the deceased remarries and does not update the will, the will is invalid. If the will is found legally binding in court then the judge will be able to identify the executor of the estate, creditors with claims on the estate and the beneficiaries of the estate.
Only the executor, creditors or beneficiaries can make a request of the court. All beneficiaries must be mentioned in the will, creditors must file a claim with the court for debts owed, and the executor is either a family member, close friend, or a professional. If no executor is named in the will, then the judge will select one.
The executor of the estate will be responsible for the administration of the estate. This means that the executor will have to collect all of the estates’ assets, pay any debts, and then distribute any of the reminding assets in accordance with the will and or the law. The executor must identify all the assets of the estate, inform any creditors and inform everyone about the death of the individual. This will allow any unknown creditors to make a claim on the estate.
Some claims can be disputed but they are usually easily processed. After all debts are paid anything that is left is distributed to the beneficiaries, the executor must make a final report. The final report must describe in detail how every part of the estate was handled and disbursed.
The beneficiaries of the estate can ask the judge at any time to remove the executor if they feel the executor is acting negligently or has committed fraud. Once this final report is made, the probate case is closed.