Wednesday, July 16, 2014

What is probate?

Probate is a process by which an individual is given authority by the court to administer the affairs of a decedent's (dead person's) estate (property).

Here is a summary of the basic steps for probate:
1) Someone dies leaving property owned solely in their name
2) Some else files an application or petition for probate with the county probate court
3) The probate court appoints a Personal Representative to handle the affairs of the estate
4) The Personal Representative creates an inventory of the estate assets
5) The Personal Representative pays creditors of the estate and distributes the decedent's property (this can be done at the direction of a Last Will & Testament or by law if no Will)
6) The estate is closed

There are many small steps in between depending on the people and property involved, but this gives you the gist of it.

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