What Is Probate?
Has someone close to you passed, and you hear the word probate? Do you know what a probate is? Are you involved in the probate process, and don't know what to do? if this is your situation, stay here with me. Hi, I am Darling Medranda, a Realtor with Ian Alexander Real Estate Team at EXP Realty in New York. Hey, you're not alone. When someone dies, the last thing you might think, is that you need to take care of what the person owned, or the person owed. Understanding the probate process will help you educate yourself and others if a situation arises. Probate is the legal process of proving a will. That means making sure the inheritance goes to the right heirs, and that all the deceased’ wishes are fulfilled.
Also, probate is the legal process of providing last will and testament, which means verifying
that the will is legal and the deceased person’s intentions are carried out. Probate also occurs when there is no will, and a probate court must decide how to distribute the assets of
the deceased estate to their loved ones. For a small estate, probate may only take a matter
of weeks or months, or they might even avoid a formal process entirely. But, probate for
larger estates can take years. Someone with a valid claim to any assets in the estate
may contest the will or file a petition for the probate court, which could drag the process
out even longer.
Contrary to the popular belief, wills don't help to avoid probate. But the
terms of your will guide probate, which can make the entire process, including any necessary visits to a probate court, easier for everyone involved. But, when does probate start? When a person dies, that person’s assets become part of their estate, unless those assets are co-owned by someone else, such a spouse. How those assets are distributed to the decedent’s loved one's is a major part of the probate. If the decedent left a will, then it may need to be probated to determine its legality. However, not all wills need to be probated. If the decedent did not leave a will, they are considered to have died intestate and
the court will determine the rightful heirs of the deceased estate.
Once the will is proved, then its terms are executed, hence the person nominated to represent the estate is called the executor, who acts as the personal representative of the estate. When there is no will, the person assigned by the court to manage the probate is called a personal representative, called the administrator. A court will also assign an administrator if the intended executor declines, or is unavailable. Any fees associated with executing a will or administering an estate can be paid out of the assets in the estate.
If you have any questions about probate and how it works, I will highly recommend talking to an estate planning attorney to avoid any costly processes later on. I hope this has been helpful to you. If you'd like this video, please be sure to hit the thumbs up, leave a comment down below, and also please don't forget to subscribe. Should you need any help with the sale of a property, please feel free to reach out and remember my clients’ dreams are my priority. Thank you, and I will see you soon.