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Know how to navigate probate

| Jun 3, 2020 | Estate planning |

Many wills have to go through probate and it is important to understand this process.

Probate refers to the process of carrying out the terms of the will. According to SmartAsset.com, as the executor of the will, it is your job to complete the probate process. There are several steps you have to take to carry out probate.

Make sure the will is valid

One of the first things you have to do is take the will to a probate court. A judge usually looks over this document to make sure it is legally binding. After the court deems that the will is valid, you generally sign documents so the court knows you agree to complete the probate process.

Pay expenses

Another part of the probate process is wrapping up the deceased’s financial life. You usually have to file taxes for your loved one. If your loved one left behind any debts, you also have to make sure these get paid off. Sometimes you may need to identify these creditors to carry out probate.

Work with the assets

Your loved one will leave many material possessions behind and part of the probate process is distributing these assets. You typically need to identify all the assets of the deceased and find out how much the entire estate is worth. After this, you can distribute the assets according to the terms laid out in the will.

The terms of the will usually determine the complexity of the probate process. Probate may be fairly straightforward for a small estate. However, probate may become more complicated if people leave behind a large estate. You can find more information about this subject on our webpage.