Probate is the legal process of administering a decedent’s probate estate upon death. A decedent’s probate estate consists of assets that a decedent owned at death (1) in her individual name or as a tenant in common with another person and (2) that did not have a designated beneficiary. Property that has a designated beneficiary or that is owned jointly with one or more individuals is excluded from a decedent’s probate estate and, as a result, passes outside of probate.
A decedent’s probate estate is administered in a probate court in the county in which the decedent resided at death. If a decedent also owned property in another state, it is possible that an ancillary probate estate will need to be opened in that state also.
Steps of Probate
Probate typically involves the following steps: (1) filing by the executor or administrator of an application for authority to administer the estate and admit the will to probate (if there was a will); (2) appointment of the executor or administrator; (3) collecting assets and obtaining appraisals; (4) filing an inventory of assets of the probate estate; (5) settling claims of creditors; (6) filing estate and income tax returns and paying taxes, if applicable; (7) distributing the net proceeds of the estate to beneficiaries in accordance with the decedent’s will, or if there was no will, state law; (8) filing of accounts with probate court setting forth the receipts and disbursements of the probate estate; and (9) closing the estate. Estates that have less than $35,000 (or less than $100,000 if the surviving spouse is entitled to all the estate assets) can be relieved from some of these steps.
Time Involved
Creditors can make claims against a decedent up to six months from a decedent’s date of death. As a result, probate usually lasts a minimum of six months, but some probate estates can last much longer. Estates with sophisticated assets or that involve litigation might need to remain open for several years.
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If you have any questions about probate or need assistance administering a probate estate, please do not hesitate to contact me.
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