4 Simple Steps of Probate Process Explained
You must have come across the term “probate” at least once if you have dealt with matters of property. Well, it’s time now to upgrade your knowledge about this process as you may never know what you may deal with in future.
Now there might seem like a lot of complexities involved in its process but once you get the hang of it, it’s not so complicated. To understand the process more efficiently, first you need to understand what “probate” means actually.
It is referred to the process where a decedent’s debts are settled and the legal title of the said decedent’s property is transferred to heirs and beneficiaries. There may be probates with real estate Georgia or in any other locations. The probate process takes place in a few simple steps.
Below we have broken down the steps of the probate process and briefed each step. Continue to read till the end to learn all about it.
1. Filing a petition and providing notice to beneficiaries and heirs
The process begins when a petition is filed at the probate court. If the decedent had a will and a nominated executor then the process begins by presenting the made will for probate in the courthouse. However, if there is no will then the court must be asked for the appointment of the estate’s administrator.
Typically, the notice of the court’s probate hearing must be given to all the heirs and beneficiaries. The notice of the court hearing is also published in a local newspaper in an attempt to notify the unknown creditors of the said decedent.
If any of the heirs or beneficiaries have objections related to the petition filed then they are allowed to do so in the courthouse itself.
2. Taking an inventory of property and giving notice to every known creditors of the estate by personal representative
Right after the filing of the petition, the chosen personal representative is required to give written notice to every known creditors of the estate property. If any of the creditor choses to make a claim upon the assets of the estate then they may do so in a given limited period of time.
Next step is to take inventory of all decedent’s probate property that includes the main property, bonds, stocks, business interests and all other assets. To appraise non-cash assets if there’s any, then an independent appraiser must be hired by the estate.
3. All funeral expenses, taxes and debts must be paid from the estate
The personal representative hired must establish now which creditor’s claims for assets are legitimate. Those who are legitimate must be paid and all other final amounting bills must be cleared as well.
In case if there’s any decedent’s obligations then the personal representative has the right to sell some of the estate assets to satisfy these obligations.
4. Transferring the legal title of the property as per the decedent’s will
After the wait period for filing asset claims by the creditors is over and all the final bills are paid off, the personal representative has to petition the court for transferring all remaining assets to the beneficiaries.
In case the heir mentioned in the will is minor then the state authority may direct to create a trust and the money is then transferred to the trustee. Once the petition filed in the court is granted then the representative may frame new deeds for the property and more.
These are some simple steps which must be followed to successfully clear through the probate process. Whether it is probates with real estate Georgia or any other locations in the world.