Find Out What Probate Is
Probate is when last will and testament is authenticated through a court-supervised process. It will also locate and determine the value of the decedents assets, paying the final bills of the decedents as well as estate taxes and inheritance taxes and then distributing what is left to the heirs of the decedents according to www.probaters.com.
Steps Required to Probate an Estate
There are specific sets of laws that determine the steps required to probate estate.
The laws that govern probate will vary, but generally the following steps are required to settle an estate through the probate process.
Authenticating the Last Will and Testament
If the decedent has left a will then the probate judge will need to ensure that the will is final, valid and signed by the decadent.
Appointing a Personal Representative
A personal representative will be appointed by the probate judge that will over see the probate on behalf of the estate.
Locating the Decedent’s Assets
The assets of the decedents need to be located and protected by the personal representative.
Determining Date of Death Values
The personal representative will determine the date of death values for all of the assets of the decedents through appraisals and account statements.
Identifying Known Creditors
The personal representative will need to find out all of the decedents creditors and inform them of the death.
Publishing a Notice in the Newspaper
The personal representative will need to place a notice in a local newspaper so that any unknown creditors can be informed of the decedents death.
The final bills of the decedent will need to be paid by the personal representative.
Filing Income Tax Returns
The personal representative will need to file the decedents final income tax return and an estate income tax return in regard to any income that is earned during probate.
Determining Estate Tax Liability
The personal representative will need to find out if any death taxes are due. If they are then these will need to be filed.
Paying Estate Taxes and/or Inheritance Taxes
If any death taxes are due then it is up to the personal representative to raise the money that is needed to pay the taxes and in a timely manner.
Distributing What Is Left To The Beneficiaries
Once everything above has been done by the personal representatives they will be able to distribute what is left of the decedents assets to the beneficiaries that are named in the will.