Everything You Need to Know About the Probate Process
When a person has made a will or testament and has recently died, the details within this document will then be made public to potential beneficiaries as a means of distributing the estate and any assets that the deceased person had when they died. This process is commonly referred to as probate. Although oftentimes straightforward, there can be complications during the probate process. Whether you’re considering making a will or are mentioned as a beneficiary in the will of another person, it’s recommended that you’re aware of all that the probate process entails.
What the Probate Process Involves
The probate process is designed to settle the deceased person’s debts and distribute any remaining assets. If you’ve made a will, any remaining assets that you have will be distributed to the beneficiaries listed in your will. However, if a person has not made a will, the estate is distributed in accordance with the laws of the state where your property resides. These laws differ substantially with each state. If you made a will, you’ll have listed an “executor” of the estate, which is a person who handles everything listed in the will. The executor of the will is typically assisted by a probate attorney.
Filing a Petition and Taking Inventory
The first step in the probate process involves filing a petition at a probate court to either admit the will and appoint an executor, or to assign an administrator of the estate if no will was made. At this point, all heirs and beneficiaries will be properly notified. An inventory will then be taken of all the assets and property that the deceased person had, after which all creditors of the estate are notified in order to allow them to claim assets for a small period of time.
Transferal of Assets and Property
Once all debts have been taken care of, the beneficiaries and heirs listed in the will are set to receive any assets or property that was left to them. To ensure that the probate process goes off without a hitch and that the terms of your will are not incorrectly challenged, consider hiring a probate attorney in Las Vegas.