A BRIEF Q & A ON PROBATE Theresa Kellington
What is probate? This is when the will of the deceased (testator) is reviewed to ensure it is authentic and valid. An executor is appointed to carry out the final wishes of the deceased. He (or she) must start the probate process within 30 days of the testator's death.
Why is probate a big deal? Families make a big deal out of it because of what they will inherit. If the family contests the will, the probate process will take longer and become more expensive.
What is the role of the executor? An executor has the legal authority to carry out the instructions in the will. He (or she) must take inventory of the deceased's assets and estimate the value of the estate. The executor must notify the rightful heirs. He must pay off debts and taxes. Also, the executor must distribute the assets to those listed in the will.
What if there isn't an executor? If there isn't an executor, the probate court will appoint an administrator. This person will carry out the same duties as an executor.
What does intestate mean? When a person dies without a legal will, he (or she) has died intestate. What's interesting is that a person can die intestate if the will is deemed invalid by a probate judge.
Check out Theresa's blog What You Need to Know About Probate at theresakellington.com.