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What is Probate and How Does it Work?

Probate is a process that occurs when someone passes away and has assets like money, real estate, and investments to give to others. It’s a way to handle their belongings after they’re no longer here. If the person had a plan in place (a will), someone they chose (an executor) helps manage and distribute their assets. When there’s no plan, a designated person (an administrator) steps in to assist. This person gathers the things the deceased left behind, settles any debts, and then gives what’s left to the people who are supposed to receive it.

In summary:

  • Probate is a legal process that decides who gets what after someone dies.
  • It looks at whether the person had a plan (a will) and if it’s valid.
  • This process can take place even if there’s no plan.
  • It’s often needed when the person left valuable things, even if they had a plan.

Probate Without a Will

“When a person dies without a will, he is said to have died intestate. An intestate estate is also one where the will presented to the court has been deemed to be invalid. The probate process for an intestate estate includes distributing the decedent’s assets according to state laws. If a deceased person has no assets, probate may not be necessary.

In general, a probate court proceeding usually begins with the appointment of an administrator to oversee the estate of the deceased. The administrator functions as an executor, receiving all legal claims against the estate and paying off the outstanding debts.

The administrator is tasked with locating any legal heirs of the deceased, including surviving spouses, children, and parents. The probate court will assess what assets need to be distributed among the legal heirs and how to distribute them. The probate laws in most states divide property among the surviving spouse and children of the deceased.

Asset transfer to the government is known as escheatment. States do typically have a timeframe for the claiming of any assets by an heir who may step forward.” – Investopedia

Understanding if probate is needed after someone passes away is crucial. The probate process can be quite lengthy to complete. The complexity or disagreements surrounding the person’s estate can prolong the settlement and distribution of their belongings, leading to increased time and costs.

Generally, handling an estate without a will tends to be more expensive compared to one with a valid will. Nonetheless, both cases still require considerable time and expenses.

My Dad Buys Houses, will take on the process for you. We will pay you fair market cash value, and you can skip the headaches associated with probate.

Call us today: 

  •  (954) 371-0020 or (844) Dad-Buys