Overview of the Probate Process

Probate is the process through which a will is "approved" and determined valid. During the probate process, lawyers and judges will identify the property in your estate, settle any debts levied against it, and dole out whatever is left to your beneficiaries.

How does probate work?
After you die, your executor--virtually always working in tandem with a lawyer--will file your will in the probate court of the county in which you live, inventory your assets and your debts, and send a formal notice to each of your heirs saying that the will has been filed for probate. If any of your heirs wants to contest the will, he or she will do so now. If no one questions your provisions, a probate judge will approve the will. Your executor then pays any debts owed by your estate (including estate taxes) and disperses remaining assets to your beneficiaries.

Your executor will almost certainly have to hire a probate lawyer to file your will and to represent your estate through this process. (Some states won't even allow the executor to file the papers on his or her own.) Probate lawyers traditionally charge a fee based on the overall value of your estate.

Starting The Probate Process: The probate of every estate is unique. But your flexibility, while keeping in mind the overall picture, and your careful use of professional advisers will help you complete any tasks you have as executor more efficiently.

Assembling The Documents You Need For Probate: Organization is critical for managing any estate. There is always the risk that a beneficiary or other person may question your actions, so you should take steps to organize correspondence and other paperwork.

How To Handle The Estate's Financial Transactions If You're The Executor: The basic rule of maintaining proper financial records for an estate is to document absolutely everything. The greater the detail the better.

The First Step In The Probate Process: Reading The Will: Reading and understanding the will is an essential step for every fiduciary (executor, trustee and guardian) and even for any beneficiary who wants to be sure that he or she received everything provided.

The Court's Involvement In Approving The Distribution Of An Estate: Probate wouldn't be probate without court proceedings, but the level of court involvement can range from a nominal amount of time and money to major litigation.

Probate Pitfalls: When You Need An Attorney: Most probate cases are uneventful, but sometimes they turn into nightmares that require an attorney's assistance.