Tag Archive | “probate process”

What do you know about Probate?

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When a person dies, with or without a will, their goods and property are distributed to their heirs and creditors. This process of distribution of goods and property is called probate, and there is a variation of legal steps from jurisdiction to jurisdiction.

probate

Executor of a Will

If the person who has died has a will, then it will name an executor, a person who is designated to see that the terms of the will are carried out throughout the probate process. The executor  could be a child of the deceased or he or she might be other relative, or may be a completely unrelated person. The lawyer by whom the will has been drawn up, if any, can be a valuable resource in guiding the executor through all the legal necessities of probate. The estate will directly pay his or her fee.

Phases of Probate

There are several phases of probate. First an accounting of all the property and assets of the deceased should must be made by the executor. Then the creditors are informed about the death of the deceased and they are notified that they have a specific time frame which is the term of probate in that time frame they must present their accounting to the estate.

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September 2011
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