After the death of a family member, we have to deal with their testament. One of the essential steps that need to be taken then is probate.
This judicial process is aimed at checking if a will is approved as a valid public document, constituting the true last testament of the person who passed away.
When there is no legal will, it needs to be established whether the estate is settled in accordance with the laws of intestacy when it comes to residence or true property.
If probate is granted, it is the first step to start administrating the estate of the deceased, so you can begin distributing the property under a will and solving all the issues.
You may have many questions concerning the length of probate, its cost, and many other significant matters. To make some of those concerns clearer, we have prepared a list of top five facts to know about probate.
1. Changing the assets’ title
During probate, the title on assets belonging to the dead person needs to be changed. This person’s investment accounts, real estate, bank accounts or other assets in their name are unavailable to anyone till the moment when a Personal Representative (formerly called an executor) is appointed by the court.
When it happens, this person is entitled to go to all the financial institutions (such as a bank), having the court appointment in hand, to alternate the deceased person’s name on the assets to the name of the estate.
After that, the Personal Representative starts to represent the estate and gains access to the account so as you cover the bills, make distributions, sell investments, and not only.
2. Probate of an alive person
An incapacitated person is not able to sign an income tax return, pay their bills, talk on the phone or make serious decisions associated with their health, for instance. Therefore, they need to have someone who will do those important things on their behalf.
If there is no durable Power of Attorney or Health Care Proxy, then a relative, a friend, etc. should petition the probate court to make them this person’s conservator and/or guardian.
The primary tasks of a conservator include filing tax returns, applying for medical benefits, covering the bills, and more.
A guardian, on the other hand, is responsible for making decisions associated with the incapacitated person. They include serious choices concerning residency or health care decisions…
Continue reading the article and learn more about probate on Life Is An Episode website.
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