If a loved one has passed away and you are responsible for settling their estate, you may be worried about what is going to happen. Most estates go through the probate process, which is used to determine where the inheritance will go. It will help to have a good idea of what will happen during probate so that you can be prepared for what happens next.

The Executor Is Appointed

The court will appoint a legal representative for the estate. If a will has been created and your name has been listed as the deceased's executor, then the court will appoint you as the executor without any issue in most cases. If there is not a will, there is no listed executor, or the listed executor declines their duties, then the court will appoint someone as an administrator to the estate. While the roles are very similar of an executor and administrator, the title helps show that the person was named by the estate or chosen by the court. That's why these two terms are often used interchangeably. 

The Assets And Debts Are Addressed

The executor will be given the letters testamentary, which are documents that prove the executor is who they say they are. This gives the executor the legal right to act on behalf of the estate to settle it. For example, they are authorized by the court-certified letter to take over bank accounts, real estate, and things of that nature. 

Once the executor has secured all the assets, their priority is to pay off the debts that the estate has. This process ends up taking a lot of time because creditors need to be made aware that your loved one passed away. Announcements are made, and creditors are given a set amount of time to make a claim.

Assets may need to be sold to pay off these debts, such as real estate that has equity in it. Final taxes are paid, and what is left is the net estate to be distributed to all of the heirs. 

The Estate Is Closed

The executor submits a court ledger of all money that went in and out of the estate. The ledger is then given to the heirs so that they can approve the ledger or make a dispute about how the estate was handled. Once the ledger is approved, forms are signed that basically give approval as to how the estate was handled. This then allows the inheritance to be released to the heirs.

For more information about probate law, contact a local law firm.

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