Have you been named as the Personal Representative or Executor for an Estate?
When a person dies, the court reviews the person’s will and estate through a process known as a Probate. This is done to ensure the Will is authentic and meets state law requirements. The court also makes sure that any debts are settled and any taxes are paid.
Once the Will is validated and the Personal Representative or Executor has met the court’s requirement of paying all claims, any remaining assets are then paid to beneficiaries named in the Will. Unfortunately, this is typically six months to one year after the deceased has passed away. The probate process must be complete before the beneficiaries receive any assets from the estate.
If there was no valid will, the court has rules that determine who gets any remaining assets, called the Laws of Intestacy. Generally, your spouse will receive your entire probate outright, or may share it with your children from a previous marriage. If no children or spouse survives the deceased, the estate is then distributed to other family members. If there are no surviving family members, then the State where the property is located receives the assets.
You may have heard the term “testate.” Testate refers to a person who has died with a valid Will. When a person dies without a valid Will, the deceased has passed away “intestate.” Whether or not there is a valid Will, the court will go through the probate process.
Is Probate Necessary? In some cases, probate may not be necessary. A brief consultation with the David Bindrup Law Firm can help you determine whether probate is necessary. The David Bindrup Law Firm can then help with the preparation of the documents that are necessary for estate administration. If you have been designated as a personal representative, there are many fiduciary duties to take care of regarding the estate administration. By relying on the experience and education of the David Bindrup Law Firm, you can be sure that that as the Personal Representative or Executor you are complying with all of those duties. Allow us the privilege of helping you administer your loved one’s estate and easing your burden during this difficult time. Contact the David Bindrup Law Firm to schedule a free 30-minute consultation regarding estate administration.