What is Probate?

Probate is the legal process through which a person’s estate is administered and their assets are distributed after they pass away. The purpose of probate is to ensure that the deceased person’s debts and taxes are paid and that their remaining assets are distributed to the rightful heirs or beneficiaries according to their will or, in the absence of a will, according to state intestacy laws.

The probate process typically involves the following key steps:

1. Filing a petition: The first step is to file a petition with the appropriate court to initiate the probate process. This is usually done by an executor named in the deceased person’s will or by an administrator appointed by the court if there is no will.
2. Notification of interested parties: Creditors, heirs, and beneficiaries are notified of the probate proceedings, and they have the opportunity to make claims against the estate or contest the will.
3. Inventory and appraisal: The executor or administrator must prepare an inventory of the deceased person’s assets and have them appraised. This is to determine the total value of the estate.
4. Payment of debts and taxes: Outstanding debts, taxes, and expenses of the estate, such as funeral expenses and legal fees, are paid from the assets of the estate.
5. Distribution of assets: After debts and expenses are paid, the remaining assets are distributed to the beneficiaries or heirs as specified in the will or according to state laws.
6. Closing the estate: Once all debts are settled, taxes paid, and assets distributed, the court issues an order to close the estate.

It’s important to note that not all assets go through probate. Some assets, such as life insurance proceeds, retirement accounts with designated beneficiaries, and jointly held property, typically pass directly to the named beneficiaries and do not become part of the probate estate. The probate process can be time-consuming and may involve legal fees, so some people engage in estate planning to minimize the assets subject to probate and simplify the distribution of their estate.

To learn more about estate planning and elder law, visit Estate and Elder Planning by David Wingate at www.davidwingate.com. For an Initial Consultation, call (301) 663-9230. We can assist you with powers of attorneys, living wills, wills, trusts, Medicaid planning, and asset protection. With office locations in Frederick, Washington, and Montgomery Counties, Maryland, we are here to provide you with peace of mind.

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The information provided in this blog post is for general informational purposes only and should not be construed as legal advice. While we strive to provide accurate and up-to-date information, laws and regulations regarding dementia, estate planning, and elder law can vary by jurisdiction and may change over time.

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