It’s never easy to lose a loved one, especially if you have been named the executor of their Last Will and Testament. However, many executors are surprised to learn just how involved an estate proceeding can be. While no two estates are the same, particularly when the courts are involved, understanding the different steps of the process will help you begin the process with the right expectations.
First, as a refresher: probate, from the Latin word meaning ‘to prove,’ is the legal mechanism ‘proving’ a deceased person’s will is genuine. Probate is necessary for the executor named in the will to collect estate assets, settle debts, and make distributions in accordance with the terms in the document. However, it is only needed when the deceased person held assets solely in his name, without designated beneficiaries listed.
Some common examples include individual bank accounts or investments, real estate owned solely or as a “tenant-in-common,” automobiles, or safe deposit boxes. An estate attorney can help you determine whether the probate process is needed for certain assets, if you are unsure…