Probate FAQs
What is Probate?
Probate is a process which involves the transfer of property & assets, paying debts, and notifying beneficiaries. Probate proceedings may also involve contests to the Will or Trust, which are settled in probate court. A probate is required when there are assets that need to be transferred to one's estate after his or her death. Probate includes:
- Substantiating one's will in court
- Determining and allocating one's property
- Appraising one's property
- Relieving or paying any outstanding debts or fees upon one's death
- Allocating all remaining property as the will (or the state in the absence of a will) instructs
How Does the Probate Procedure Work?
Upon one's death, the executor as named in one's will files the papers at probate court to prove the validity of the will. Once the remaining property, assets, and debts have been identified, relatives and creditors are notified of the person's death and all assets are distributed as appropriated by the will.Who is Responsible for Handling Probate?
In most situations, the named executor by the will handles probate; however, if an executor is not named, probate court will designate an executor (usually a close relative or the person whom most of the assets of one's estate are going to).
In addition, in some cases a formal probate proceeding may not be necessary, in which case a close friend or relative becomes an informal delegate of the estate. Generally, family members and friends choose this person. From there, the named representative is responsible for distributing remaining assets to the appropriate heirs.
Should Probate Be Avoided?
Probate is an arduous process and is rarely beneficial to one's heirs and beneficiaries, often costing them money and time. If you are currently in your 50's or older, own a great amount of property, or are now in poor health, you will likely want to plan to avoid probate.
Have more questions about probate or estate planning? Call Sarasota attorney Michael A. Chiantella at 941-488-1779 or click here to contact us online now.