Probate

Probate is the court process of disbursing the estate of someone who died intestate (without a Will or Trust), or even with a Will alone. The court must supervise and approve the transfer of all estate assets to the beneficiaries. The executor hoping to manage the estate must file the Will with the court and also must petition the court to be appointed as executor. After one or two months, this appointment is made, and the probate is opened. This is a public proceeding, and the matter is made part of the public record for all to see. The executor cannot “close” the probate and make distribution of the assets until at least four more months have passed so that creditors may make claims or beneficiaries can file a contest. All property must be listed and inventoried as part of the public record. After four months, and after all claims or taxes have been paid and all necessary sales completed, the executor may then petition the court to request compensation, close the estate, and make final distributions. This compensation is paid to the executor and attorney on a percentage basis, irrespective of the actual work involved. In a $1 million estate, the compensation to the executor and the attorney would total $46,000. The first $100,000 in value of the estate has 4% taken out of it as a fee. The larger the estate, the larger the compensation. Additional compensation could also be requested for special efforts such as selling property or fighting creditor claims. One to two months after the petition to close the estate is filed, the court may then approve the matters and allow distributions to be made and compensation to be paid.

An experienced attorney can help you navigate the complex probate process and ensure assets are properly distributed. There are deadlines and legal requirements at each stage of the process.