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What does the probate process include?

On Behalf of | Feb 1, 2021 | Uncategorized |

The probate process is likely something most estate planners and their families have heard of but may not be that familiar with. It is helpful when planning an estate plan to understand what the probate process involves.

What the probate process includes

The probate process includes several different steps and is intended to achieve several different purposes including:

  • Proving the validity of a will, if there is a will as part of the estate plan;
  • Selecting an estate administrator, executor or representative;
  • Inventorying the decedent’s assets, not including non-probate assets;
  • Totaling the assets both in and out of the estate;
  • Paying applicable estate taxes and any other debts of the estate;
  • Identifying the heirs of the estate and other relatives; and
  • Distributing any remaining assets to heirs as described in the will or according to intestacy statutes.

There are three phases of the probate process including the opening period, waiting period and closing of the estate. The collecting of assets, paying debts and some other activities are included in the opening period. The waiting period alone can take eight months. This process requires publication and during that period, creditors can file a claim against the estate. In addition, a variety of different forms are required for closing the estate. Overall, the probate process is technical and includes a variety of requirements that must be met.

Because the probate process can be time-consuming, delay distribution of the estate and can also be costly, it is helpful to be familiar with how it works and ways to avoid it. Depending on different factors, the probate process can take up two years to complete so estate planners should be familiar with what it includes when planning their estate.