What Is Probate and How Does It Work?

We’ve all heard about probate and how it can be avoided with proper estate planning. However, many people are not aware of what exactly probate is and the process it involves.Probate what is it  Probate is a court-supervised legal process to resolve a deceased person’s estate — a person’s debt and property are settled, their final will is approved by the courts, and any unclaimed assets are distributed according to state inheritance laws if no will was found.

How long is probate in California?

To begin the probate process, a petition is filed with the court. Then, any person who could inherit from the deceased is notified of the probate proceedings. If they object, they may file a will contest. The court will also appoint a guardian ad litem for any minors or incapacitated adults.

The executor of the estate (named in a will or by the court if no will is found) takes charge of identifying and inventorying the deceased person’s property, having it appraised, paying any taxes or debts, and distributing the remaining assets. The personal representative must also provide notice to creditors and heirs of the death and their claim deadlines.

The executor or personal representative gets compensation for their time and expenses. Most states have a standard amount for this, usually around 5 percent of the estate value. Attorney fees are separate from compensation and are typically paid by the estate. In addition, some states require a bond for the personal representative to protect beneficiaries. These fees can be expensive, costing around 0.5% of the total bond value.

Leave a Reply

Your email address will not be published. Required fields are marked *