Probate is the process through which the court verifies the validity of a will, if present, grants a personal representative authority to administer the estate, and oversees that the administration is completed as dictated by the will and state law. The probate process has many factors and nuances, but generally includes the following:
The process of probate can seem like an arduous and daunting task during a particularly stressful time. Our attorneys can help you navigate probate and administer your loved one’s estate, answering any questions you have along the way.
- Petition for Probate: The Petition for Probate is made to the court to appoint the Personal Representative (PR) of the estate. When appointed, the PR will receive authority from the court to administer the estate, including collecting debts, paying creditors and collecting property on behalf of the estate.
- Applying for an EIN: An EIN (Employer Identification Number) is provided by the IRS and acts as a Social Security Number for the estate. It is used to open bank accounts and file tax returns.
- Notice to Interested Persons: The Notice to Interested Persons notifies creditors of the passing of the deceased, the appointment of the new PR of the estate, and provides directions on how to file claims against the estate. The PR is obligated to search for creditors, which requires a comprehensive review and ongoing monitoring of any financials related to the estate.
- Information to Heirs and Devisees: The Information to heirs notifies the heirs and beneficiaries of the deceased of their passing, the appointment of the PR, and provides contact information for learning more about the estate and its progress.
- Inventory: The Inventory informs the court of all property individually owned by the deceased which is subject to probate.
- Tax Planning: The PR is responsible for ensuring that all necessary federal and state income, fiduciary, and estate tax returns are prepared in a timely manner. The attorneys at SBLG, PLLC are not CPAs and recommend working with a tax professional to prepare these documents.
- Annual/Final Accounting: The process of probate can often take a year or more to complete. Every year, an Annual Accounting of all receipts and disbursements associated with the estate is filed for court review. In preparation for the closing of the estate, a Final Accounting is filed encompassing all such transactions over the length of the probate and including all attorney fees, accountant fees, PR fees and subsequent plans for distribution to beneficiaries for approval by the court.
- Proposed Order Closing Estate and Discharging PR: Once distributions are made and receipts have been received from the beneficiaries, the PR must file the receipts with a proposed order to close the estate and be discharged as the PR.
Formulating an estate plan is an excellent way to avoid a lengthy probate process, and a thoughtful gift to leave those who would be responsible for your own estate administration. Our attorneys also specialize in estate planning and can help you create a plan that addresses all your concerns.