What Occurs During the Probate Process?

The initial step is designating a personal representative or executor to manage the deceased individual’s affairs. This individual is specified in the person’s will or appointed by the court. The executor is commonly the deceased individual’s spouse, child, or another close relative. Nonetheless, in the absence of these individuals, a financial institution, attorney, or trust may be chosen. Following that, the deceased individual’s will is submitted to the court. The executor must present an inventory of assets to the court. If assets must be sold in order to cover specific expenses, the executor is generally responsible for this as well. Creditors are provided with written and public notice of the death and must assert any claims or debts against the estate within three months. Heirs mentioned in the will are also located and notified, along with individuals who owe debts to the deceased. Final tax returns are prepared. Finally, the court ensures that all debts are resolved and determines how the deceased individual’s assets will be divided.