Steps to Probate a Will
Probating a will is the process of executing the directions of a will to settle a deceased's financial affairs after death. The deceased usually designates an executor to handle the details, but a court may appoint an administrator if the deceased didn't. Some procedures are different in each state, but most require similar steps.
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Inventory
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The first step to probating is for the executor to inventory all assets of the deceased. Some property might require a professional appraiser. The executor tallies everything, including personal accounts, retirement accounts, the deceased's last paycheck, stocks, bonds and life insurance policies. The insurance company New York Life recommends the administrator open a checking account solely designated to handle transactions for the decedent's estate.
Debts
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The next step for the executor is to settle all debts owed by the deceased. The administrator might need to liquidate real property or stocks and bonds to settle all debts, including funeral expenses, taxes, probate administration costs and accounts like loans or credit cards. After the creditors are paid, the remaining balance is distributed the way the deceased specified in his will. Abatement statutes apply if the deceased's estate didn't cover all debts, meaning heirs might receive less than the will designated, or even nothing, depending on the amount of debt. The executor is entitled to hire an attorney, who is paid from the estate, to negotiate any claims, such as pending lawsuits.
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Transfer
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After settling outstanding debts, the next step is to transfer all remaining assets and property to the heirs. The administrator may sell property at any point during the probate process, but some states require a waiting period before assets may be distributed. The executor is in charge of issuing checks, transferring deeds and registering new owners for the deceased's property.
Miscellaneous Duties
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In many states, the administrator is also responsible for notifying pertinent parties of the decedent's death. The executor can obtain multiple copies of the death certificate from the coroner for proof, when needed. One way the administrator might alert others to the decedent's death is to publish a death notice in the local papers to announce the deceased's passing. Potential creditors may then file a claim against the estate, but usually must do so within a set period of time, which varies by each state.
Settlement
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After completing all steps, the executor files a final report detailing the distribution of property. Once the judge reviews the distribution and approves the final settlement, the administrator has no further duties. The deceased's estate is officially closed.
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References
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