Probate is a legal process that occurs after a person has past. It usually
involves several steps which are overseen and accomplished by the executor
of your will, if one exists. Otherwise a court appointed representative
will take care of this process for you. Of course, this varies depending
upon what state you live in.
The various steps of probate include:
- Identifying and taking and inventory of the deceased person's property.
- Appraising the property that has been identified.
- Taxes and creditors are paid. Usually before the taxes and creditors are
paid, state law will permit the spouse and children to have a specific
amount of the money. This money will be paid first, before taxes and
creditors are paid. Afterwards, any claims that are made against the estate
are then paid.
- The remaining property will be formally distributed according to what is
stated in the will or, if there is no will, according to the state laws of
interstate succession.
Most states allow smaller estates to fall within a probate exemption. This
allows a certain amount of the deceased person's property to be free from
probate or else to go through a more simplified process.
