What’s probate and when is it required?
Generally, probate is involved in two situations where formal administration is necessary. One situation is when someone dies with a will. Probate is the judicial process to validate the will, appoint and empower the executor, and begin the administration of the estate. The other situation is when someone dies without a will. Probate is the judicial process to determine heirs and their shares, appoint an administrator, and oversee the administration of the estate. The first situation is testacy and the other situation is intestacy. The first process isn’t expensive when compared to the process involved when someone dies without a will.
Probate is necessary when estate administration requires collecting the deceased person’s assets, paying estate’s debts, and distributing assets to the deceased person’s beneficiaries or heirs. There are alternatives to formal administration.
State law provides alternatives to formal administration in specific situations. Two are mentioned here. One alternative is Small Estate Administration. Small Estate Administration is authorized when certain criteria are met including the lack of a will and the value of the estate, not including the homestead and exempt property, does not exceed $75,000. Muniment of Title is permitted when there’s a will and there’s no estate debt not secured by real estate. There are other alternatives. However, the alternatives available under state law do not necessarily save time or money.
Probate is necessary when estate administration requires collecting the deceased person’s assets, paying estate’s debts, and distributing assets to the deceased person’s beneficiaries or heirs.
Questions about probate?
Contact Glavy Law with your questions about probate and when deciding how to administer a loved one’s estate.
