What Is Probate?
Probate is the legal process regarding the administration and distribution of the estate of a Deceased person (or “Decedent”). It is administered under the jurisdiction of Probate Courts.
The court makes sure that the Decedent’s real and personal property is identified, inventoried and appraised, and ensures that any applicable debts and taxes are paid before the balance of the property is distributed to the heirs.
Probate is a very time consuming and paperwork intensive process. Most people hire a probate attorney to help them with the probate administration process.
Some probate estates can be administered in 12-18 months, but many take longer.
Probate is concerned with:
- Cataloging all property of the Deceased.
- Paying any debts, claims or taxes that are due.
- Collecting rights to any income (royalties, stock dividends, etc.) to which the Deceased was entitled.
- Settling financial and property disputes.
- Liquidating property (real or personal) of the Deceased.
- Distributing or transferring the remaining property to heirs.
A personal representative is appointed by the Court to administer the Decedent’s estate. A personal representative can have various names (Executor, Administrator, etc.), depending on the type of probate estate, but each personal representative has similar duties and responsibilities, which include managing the probate estate. Usually, in a will, the Decedent names an “Executor” to act as personal representative. If there is no will or Decedent failed to name an Executor, the Court will appoint a personal representative called an “Administrator.” The Executor or Administrator will fulfill many of the same duties listed above.
Reference: Advance Inheritance
Kindly visit our Estate Planning and Probate & Estate Administration websites or contact one of our Estate Attorneys, Philadelphia or Probate & Estate Administration Attorneys, Philadelphia at 215-977-8200 for more information on this topic.