When you have to deal with the death of a loved one, everyday things can be difficult for a while. When you have to go through the probate process to work out the details of that loved one’s estate, you may be on pins and needles for longer than you would like. You don’t know anything about probate except that it is going to take time and possibly money to get matters resolved. Before you stress further, read these four steps to the probate process.
1. Initial Filing With the Court
The court must be given notice that the decedent either had a will or didn’t before things can get rolling. A petition is filed either asking for the court to accept the will and allow the estate to be administered or requesting the court to figure out the succession in the absence of instructions. Notice is sent to all named beneficiaries and sometimes published in a newspaper. A probate attorney beaverton or can help get the process going.
2. Administration Begins
A personal representative either appointed via the will or the court will start to take an inventory of the estate. This includes assets, private property, cash, and debt. The representative will then send out a notice to all creditors of the valuation of the estate.
3. Payments Get Made
Once the estate has been valued, the personal representative begins making payments of debts, taxes, funeral expenses, and any other money the deceased owed. Cash reserves may be used and if there isn’t enough, property can be sold.
4. Property Is Transferred
Once all payments are made, the representative starts divvying up the rest of the estate according to the will if there was one. Property gets transferred to beneficiaries and bank accounts closed. If there is no will, the state’s laws on succession take over.
Getting through the probate process is possible, especially if you know what to expect.