Probate law is the legal
process of distributing a deceased person's assets and debts. It
also includes the process of determining who inherits the deceased
person's assets.
How probate works
-
Will: If
the deceased person left a will, the executor named in the will
applies for a Grant of Probate. The
will serves as the instructions for how to distribute the assets.
-
No will: If
the deceased person did not leave a will, the probate court will
appoint an administrator to settle the estate.
-
Probate court: The
probate court reviews the will, determines its validity, and grants
probate to the executor.
-
Asset collection: The
executor collects the deceased person's assets.
-
Debt payment: The
executor pays off any remaining debts.
-
Asset distribution: The
executor distributes the remaining assets to the beneficiaries.
-
Estate closure: The
probate court formally closes the estate.
Who is involved in probate law?
-
Probate lawyers: Lawyers
who specialize in probate law handle issues related to wills,
trusts, and estate taxes.
-
Executors: The
executor named in the will is responsible for carrying out the
will's instructions.
-
Beneficiaries: The
beneficiaries are the people who receive the deceased person's
assets.
How to avoid probate?
-
Gifting: Gifting
property to others before death removes it from the estate.
- Will: A properly drafted will can eliminate some probate steps.
