Probate refers to the legal process when a person dies leaving a will. The probate process includes appointing an executor and proving the validity of the will. If the deceased does not have a valid will, the law of intestate succession applies.
Once appointed, the executor is responsible for:
The entire probate process usually takes around five to six months. More complicated or contested estates can take longer than a year and be more expensive.
Prepare an inventory of the assets owned by the deceased at the time of death to determine if any assets remain titled in the name of the deceased after death. If there are no significant assets, then probate may not be cost-effective. Many assets do not transfer automatically at death, including:
After you identify all assets, determine whether the ownership of each asset automatically transferred on death. Assets that transfer automatically at death are not part of the probate estate.
Ownership of real estate is determined by checking the title to the land. You also have to check the actual deed to see how the deceased held title to the land. Some types of ownership transfer automatically, so probate may or may not be necessary depending on how the property was held.
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