5 Key Stages of Probate
Probate is a legal process that takes place after someone dies. This process ensures that the decedent’s assets are distributed in accordance with their Will or the state’s intestate succession laws if there is no Will. Probate can be a complex process involving several stages. It is vital to understand the stages of the probate process. Whether you are the executor, a beneficiary, or a family member, you should take time to understand the stages of probate. Understanding the stages of probate can help you navigate the process more effectively. In this article, we share five key stages of the probate process.
- Filing the Petition and Validating the Will
The first key stage of probate is filing the Petition for Probate. Usually, the executor named in the decedent’s Will files the petition. If there is no Will, a family member or interested party can file the petition. In addition to filing the petition to begin probate, a Will must be filed if one exists. After the Will is filed, the probate court will analyze it to determine its validity. This may involve verifying the testator’s and witnesses’ signatures, whether the Will is the most recent one, and ensuring the Will was properly executed. If the court validates the Will, it appoints the executor as the personal representative of the decedent’s estate. Only after this official appointment can the executor begin acting on behalf of the decedent’s estate.
- Inventorying Assets
After the court appoints the executor or chooses an administrator (if there is no Will) to serve as the personal representative, the next stage is identifying and gathering all the assets the decedent owned that are subject to probate, such as real estate, bank accounts, retirement accounts, and personal property. After gathering all assets, the personal representative will need to obtain a valuation.
- Paying Debts and Taxes
The personal representative is required to review outstanding debts. Once creditors file their claims, the personal representative reviews them and determines which are valid. All valid claims must be paid. Also, the personal representative must pay any taxes due, including income tax and federal estate tax. However, whether estate tax needs to be paid depends on the estate’s value. In 2024, if a deceased’s estate is worth $13.61 million or less, federal estate tax does not apply.
- Distributing Remaining Assets
After all valid debts and taxes have been paid, the next stage is distributing the remaining assets to the rightful beneficiaries or heirs. If there is a Will, the executor will distribute the remaining assets as directed in the Will. Absent a Will, distribution follows the state’s intestate succession laws.
- Closing the Estate
Once assets have been distributed to their rightful owners, the personal representative will prepare a final accounting of all financial transactions that happened during the process. They will present this accounting to the probate court for approval. Once the court approves the accounting, the personal representative can ask for the estate to be closed and to be released from the role of personal representative.
Contact The Probate Guy
If you need legal help, contact the dedicated California probate attorney, Robert L. Cohen – The Probate Guy – today to schedule a telephonic consultation.
Southern California Probate Lawyer Serving Orange, Riverside, Anaheim, Whittier & Beyond.
Source:
smartasset.com/taxes/all-about-the-estate-tax#:~:text=if%20someone%20passes%20away%20in%202024%20and%20their%20estate%20is%20worth%20%2413.61%20million%20or%20less%2C%20they%20don%E2%80%99t%20need%20to%20worry%20about%20the%20federal%20estate%20tax.
