Probate

Probate and Estate Administration

When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. 

If your loved-one owned his or her assets through a well drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased's assets. 

The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court.
Every probate estate is unique, but most involve the following steps:

• Filing of a petition with the court.
  
  
• Notice to heirs under the Will or to statutory heirs (if no Will exists).
  
  
• Petition to appoint Personal Representative or Executor (in the case of a Will) or Administrator for the estate (if no Will exists).
  
  
• Inventory and appraisal of estate assets by the Personal Representative/Executor/Administrator.
  
  
• Payment of estate debt to rightful creditors.
  
  
• Sale of estate assets.
  
  
• Payment of estate taxes, if applicable.
  
  
• Final distribution of assets to heirs.

The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will and the location of real property owned by the estate. 

Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay. 

Common expenses of an estate include Personal Representative fees, attorneys fees, accounting fees, court fees, appraisal costs, and surety bonds, if necessary.

Andrews & Myers offers a free initial consultation.

Call today (360) 452-4448.