The six steps of probate
Overview
Upon the death of a person, their property, both the estate and personal belongings enter probate. This process can be short or lengthy. The time span is determined by different factors. In the circumstances that you have been named as the person who will execute the estate, then you will have to follow the six steps of the probate process. Having a clear understanding of these six steps can help make the process seamless.
Step 1: Prepare an inventory of the assets and estate planning documents of the decedent.
Since you are the executor of the estate, the first responsibility on your hands is to establish whether the decedent left any funerary instructions, revocable living trust, and a last will, and testament. …show more content…
You could do this with the help of your lawyer or you could enlist the services of an accountant. Federal estate taxes may also be levied. You will also be expected to prepare and file the yearly income taxes of the decedent. It may be a requirement to submit IRS Form 706, which is the federal estate tax return.
Step 6: Distribute Remaining Assets to Beneficiary
The executor can only disburse the assets to the beneficiaries upon the completion of these steps. The only possibility that can drag the process for a long time is when there are conflicts emerging amongst the heirs.
Conclusion
Probate is an activity that takes quite some time. There are a lot of details to be taken care of and each of the process mostly takes more than a month to be completed. Many people prefer selling a home in probate since it is easier. It also allows them to proceed with other events more quickly.
You can work with a reputable investor in your locality and you will have the money from the sale of the home of the home within ten days. This reduces the long waiting period of many months. It is important to know the rules of your probate court since not all of them allow the sale of homes during probate. If you need more clarification on probate, how it works and the options available for you, click
Overview
Upon the death of a person, their property, both the estate and personal belongings enter probate. This process can be short or lengthy. The time span is determined by different factors. In the circumstances that you have been named as the person who will execute the estate, then you will have to follow the six steps of the probate process. Having a clear understanding of these six steps can help make the process seamless.
Step 1: Prepare an inventory of the assets and estate planning documents of the decedent.
Since you are the executor of the estate, the first responsibility on your hands is to establish whether the decedent left any funerary instructions, revocable living trust, and a last will, and testament. …show more content…
You could do this with the help of your lawyer or you could enlist the services of an accountant. Federal estate taxes may also be levied. You will also be expected to prepare and file the yearly income taxes of the decedent. It may be a requirement to submit IRS Form 706, which is the federal estate tax return.
Step 6: Distribute Remaining Assets to Beneficiary
The executor can only disburse the assets to the beneficiaries upon the completion of these steps. The only possibility that can drag the process for a long time is when there are conflicts emerging amongst the heirs.
Conclusion
Probate is an activity that takes quite some time. There are a lot of details to be taken care of and each of the process mostly takes more than a month to be completed. Many people prefer selling a home in probate since it is easier. It also allows them to proceed with other events more quickly.
You can work with a reputable investor in your locality and you will have the money from the sale of the home of the home within ten days. This reduces the long waiting period of many months. It is important to know the rules of your probate court since not all of them allow the sale of homes during probate. If you need more clarification on probate, how it works and the options available for you, click