Probate

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Definition of 'Probate'

Probate is the legal process of administering a deceased person's estate. It involves collecting the deceased person's assets, paying their debts, and distributing their remaining assets to their heirs.

The probate process can be complex and time-consuming, and it can be helpful to have an experienced probate attorney to help you through it.

Here are the steps involved in the probate process:

1. The first step is to file a probate petition with the court. The petition must be filed by the executor of the will or, if there is no will, by the administrator of the estate. The petition must include the deceased person's name, date of death, and last address. It must also list all of the deceased person's assets and debts.
2. Once the probate petition is filed, the court will appoint a personal representative to oversee the probate process. The personal representative is responsible for collecting the deceased person's assets, paying their debts, and distributing their remaining assets to their heirs.
3. The personal representative will then need to inventory the deceased person's assets and debts. This includes gathering all of the deceased person's financial records, such as bank statements, investment statements, and tax returns. The personal representative will also need to contact the deceased person's creditors and make arrangements to pay their debts.
4. Once the assets and debts have been inventoried, the personal representative will need to file an inventory with the court. The inventory must list all of the deceased person's assets, their estimated value, and all of their debts.
5. The personal representative will then need to collect the deceased person's assets. This may involve selling real estate, stocks, and other investments. The personal representative will also need to collect any life insurance proceeds or other death benefits.
6. Once the assets have been collected, the personal representative will need to pay the deceased person's debts. The debts will be paid in the following order:
* Funeral expenses
* Debts owed to the government, such as taxes and Social Security
* Debts owed to creditors
* Debts owed to the deceased person's spouse
* Debts owed to the deceased person's children
7. Once the debts have been paid, the personal representative will need to distribute the deceased person's remaining assets to their heirs. The heirs will receive their inheritance in the following order:
* The deceased person's spouse
* The deceased person's children
* The deceased person's grandchildren
* The deceased person's parents
* The deceased person's siblings
* The deceased person's nieces and nephews
* The deceased person's aunts and uncles
* The deceased person's cousins
8. Once the assets have been distributed, the personal representative will need to file a final accounting with the court. The final accounting must list all of the assets that were collected, all of the debts that were paid, and all of the assets that were distributed to the heirs.
9. Once the final accounting has been filed, the probate process is complete.

Probate can be a complex and time-consuming process, but it is important to go through it in order to ensure that the deceased person's assets are distributed according to their wishes. If you are the executor of a will or the administrator of an estate, it is important to get legal advice early in the process to make sure that you are doing everything correctly.

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