What Happens with Your Will? Understanding the Probate Process
Most people know that having a will is important. It allows you to express how you would like your assets handled after your death, and can include important information regarding the custody of any surviving children. But not many people understand how a will is executed.
After you pass on, your will is managed through a local probate court. Here is an introduction to the probate process and how it works.
Your Executor Takes Charge
As part of your will, you should have identified an executor. Your executor files all necessary paperwork with the probate court. According to Steve Bliss, a probate attorney, the executor will provide the court with information regarding your current debts and assets, and …show more content…
For example, funds may be made available to provide basic support for you children, such as food and housing. The court makes decisions regarding these requests alone, and requests can be denied.
A Mandatory Waiting Period
Your assets cannot be provided to your heirs until the court releases the executor to do so. This waiting period ensures all of your final bills, such as remaining debts and funeral expenses, have been paid before any property is distributed. Even once all debts are settled, additional time is required to provide any creditors, whom the executor may not have been aware, have the opportunity to make a claim against the estate.
Completing the Process
Only after all of these requirement are met can your assets be distributed to your heirs. The executor will then take any necessary steps to legally transfer the property to the designated heir. Any payments or donations made to charitable organizations is also managed by the executor. Once the entire process is complete, the court releases the executor from their
Most people know that having a will is important. It allows you to express how you would like your assets handled after your death, and can include important information regarding the custody of any surviving children. But not many people understand how a will is executed.
After you pass on, your will is managed through a local probate court. Here is an introduction to the probate process and how it works.
Your Executor Takes Charge
As part of your will, you should have identified an executor. Your executor files all necessary paperwork with the probate court. According to Steve Bliss, a probate attorney, the executor will provide the court with information regarding your current debts and assets, and …show more content…
For example, funds may be made available to provide basic support for you children, such as food and housing. The court makes decisions regarding these requests alone, and requests can be denied.
A Mandatory Waiting Period
Your assets cannot be provided to your heirs until the court releases the executor to do so. This waiting period ensures all of your final bills, such as remaining debts and funeral expenses, have been paid before any property is distributed. Even once all debts are settled, additional time is required to provide any creditors, whom the executor may not have been aware, have the opportunity to make a claim against the estate.
Completing the Process
Only after all of these requirement are met can your assets be distributed to your heirs. The executor will then take any necessary steps to legally transfer the property to the designated heir. Any payments or donations made to charitable organizations is also managed by the executor. Once the entire process is complete, the court releases the executor from their