If you have recently lost a loved one, you may be wondering what probate is and if you need to go through the process. Here at Heritage Law Office, we have years of experience in administering probates, so read on to learn more about what probate is and when you would need to go through the process.
What is Probate?
Probate is the legal process of administering the estate of a deceased person. The purpose of probate is to settle the deceased person's debts and distribute their assets to their beneficiaries. In order to start the probate process, a petition must be filed with the court. Once the petition is filed, the court will appoint a personal representative to administer the estate.
The personal representative is responsible for gathering the deceased person's assets, paying their debts, and distributing their assets to their beneficiaries. The personal representative will also be responsible for filing any required tax returns and paying any taxes that are due. If the deceased person left a will, the personal representative will follow the instructions in the will. If there is no will, the personal representative will follow state law in distributing the assets.
Why Would I Need to Go Through Probate?
If you are named as a beneficiary in a decedent's will or if you are a beneficiary from a decedent who passed away without a will, you will likely need to go through probate in order to receive your inheritance.
There are some circumstances where assets do not need to go through probate. These scenarios are usually a result of estate planning. Some tools commonly used to avoid the probate process with pre-planning include trusts, transfer on death designations, life estates, and more.
What Does Probate Involve?
The probate process typically involves the following steps:
- Filing a petition with the court to open probate.
- Appointing a personal representative to oversee the administration of the estate.
- Collecting and inventorying the assets of the estate.
- Paying debts and taxes owed by the estate.
- Distributing the remaining assets to the beneficiaries named in the will or, if there is no will, according to state law.
- Filing final reports with the court and closing probate.
The specific steps involved in probating an estate can vary depending on the circumstances of the case. For example, if there is real property (e.g., a house or land) involved in the estate, additional steps may be required to transfer ownership of that property to the beneficiaries named in the will or, if there is no will, according to state law.
Why use a Probate Lawyer?
There are many benefits to using a probate lawyer, including:
- The peace of mind that comes from knowing that your loved one's estate is being handled by a professional;
- The ability to have someone on your side who is knowledgeable about the law and can protect your interests;
- The assurance that the probate process will be handled in a timely and efficient manner;
- The ability to avoid potential disagreements or disputes among beneficiaries by having a neutral third party administer the estate; and
- The knowledge that you are complying with the law and protecting your rights as an heir or beneficiary.
Contact a Probate Attorney in Wisconsin
If you have been named as executor in a will or are otherwise responsible for administering an estate, you may be wondering what exactly is involved in probating an estate and how you can go about doing it. The process can be complex and time-consuming, but Heritage Law Office can help make it as smooth as possible for you.
We offer services administering probates and have experience handling all aspects of probate from start to finish—including filing petitions with courts, appointing personal representatives, collecting and inventorying assets, paying debts and taxes owed by estates, distributing assets to beneficiaries, and more! Contact us today by sending us a message or giving us a call at 414-253-8500 to learn more about how we can help you with probating an estate!
Frequently Asked Questions (FAQs)
1. What are the key steps involved in the probate process?
Administering probate generally involves a series of key steps which include: Filing a petition with the court to open probate, appointing a personal representative to oversee the administration of the estate, collecting and inventorying the assets of the estate, paying any debts and taxes owed by the estate, distributing the remaining assets to the beneficiaries named in the will or according to state law if there's no will, and finally filing final reports with the court and closing probate.
2. How long does the probate process typically take?
The duration of the probate process can vary greatly depending on several factors including the size and complexity of the estate, whether or not there is a will, and whether the will is contested. On average, the probate process can take anywhere from several months to over a year.
3. Can the probate process be avoided?
Yes, there are several ways to avoid the probate process. One common method is through the use of trusts. When assets are placed in a trust, they do not have to go through probate upon the death of the trust maker. Other methods include joint ownership of property and assets, pay-on-death accounts and life insurance policies.
4. What is the role of a probate lawyer in administering an estate?
A probate lawyer assists the executor of the estate in managing the probate process. This can include providing legal advice, handling court procedures, helping with the inventory and appraisal of the estate's assets, settling the decedent's debts, preparing and filing necessary tax returns, and overseeing the distribution of the estate's property to the beneficiaries.
5. What happens if there's no will?
If a person dies without a will, their estate is said to be "intestate". In such cases, the probate court appoints a personal representative to distribute the deceased's assets according to state law. Typically, the assets will be distributed among the surviving spouse and children, with exact proportions varying by state.