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When an individual dies, the process of probate may take place. Probate is a legal process that includes several different aspects. The first, usually routine, matter is to prove that the will of the deceased is valid. After this has been verified in surrogate court, the property of the individual must be identified and inventoried. This property is appraised and used to pay any outstanding debt and taxes. If there are any assets left over, they will be distributed according to the deceased's will. This probate process is usually handled by probate attorneys in court, as the issues that arise can be very complicated and require time and skill.
There will be one executor named in the will who will be responsible for the administrative duties regarding the property. If no will was created, the court will decide who is to be the executor. This executor is also responsible for the finding, securing, and management of the deceased's assets during the probate process. It will be up to them to decide what to do with the property and assets and how to pay the debts and taxes, if any exist. The last step of the probate process is the transferring of the property to its new owners.
There are three main types of probate: supervised, unsupervised or independent, and small estate. Supervised probate is the most formal and costly type of probate. If a will is contested or the executor's ability to help in the administration of the estate is questioned, this is the type of probate that could be used. In unsupervised or independent probates, the court's involvement in the case is lessened or removed altogether. It usually requires the consent of all the beneficiaries or the express request of the deceased's will. Small estate probate includes estates ranging from $1,000 to $100,000, depending on the state. This is the fastest and most cost-effective form of probate, usually only lasting for a few weeks.
If you have any questions regarding probate and what is required in your specific situation, contact an experienced probate attorney as soon as possible. They can review your case and determine what the best option is for you and your family.
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