|
PROBATE
Probate is a court proceeding where the property and belongings of a
de ceased
person is legally transferred to others. Before such a transfer occurs,
an inventory and accounting of assets is submitted to the court,
creditors are notified of their to submit claims, creditor claims are
resolved, a plan for distribution is approved, probate fees are approved
and paid, and finally the distribution and transfer of title occurs.
Probate does not require a will, although a
will is extremely helpful. The entire process usually takes anywhere
from 9 months to 2 years. There are various costs and fees involved in
the process.
Since the decedent cannot do anything, a personal representative must
be appointed to act in place of the decedent. If named in the will, the
personal representative is called an executor or executrix. If there is
no will, the personal representative is called an administrator. The
personal representative can perform his duties on a voluntary basis or
collect a fee. He can act on his own, or hire an attorney to represent
him.
You can avoid probate with a living
trust. |