What is Probate?
Jun 09, 2010 / By: Michael Bonfrisco, Estate Planning Attorney / Category: Estate Planning, ProbateWhen a person dies, the total value of his estate is assessed and then distributed according to the Will of the deceased. If there are creditors to be paid or taxes owed, the estate must handle that as well. To ensure all of these things occur, the court will oversee a process known as probate.
As an Estate owner, it is your duty to name someone in your Will to handle these affairs for you. If you don’t, the court will appoint someone for you, and that may not be the person you would choose.
The Probate process includes the following steps:
1 – The Court appoints a personal representative, executor or administrator to look after the Probate process.
2 – The representative is responsible for locating, listing and protecting the assets of the decedent.
3 – The representative has to list the value of the entire Estate and all the assets.
4 – All known creditors are located and informed that the decedent is no more. Notices might be published in the newspaper to inform any unknown creditors. ( Although, in NJ this is no longer required).
5 – All the decedent’s bills are cleared and taxes paid. Taxes to be paid may include the Income Tax, the Estate Tax, the Inheritance Tax etc.
6 – A need might arise to sell some of the assets to clear all these bills and taxes. The representative will have to take care of all these problems.
7 – The remaining assets would be distributed to the beneficiaries. All disputes will also have to be resolved if the beneficiaries raise objections. The distribution of assets to beneficiaries is based on the Will of the decedent.
If you have been named as the executor of someone’s estate, a qualified estate planning attorney can help guide you through the entire probate process. Likewise, if you’re wondering how best to construct your Will and estate plan, an attorney can help you with these matters as well.
The Bonfrisco Law Firm is a member of the American Academy of Estate Planning Attorneys.
