Probate is the process by which a deceased person's property, known as the "estate," is passed to his or her heirs and legatees (people named in the will). The entire process, supervised by the probate court, usually takes about a year. However, substantial distributions from the estate can be made in the interim.
The exact rules of estate administration differ from state to state. In general, they include the following steps:
Filing the will at the probate court.
Collecting the assets.
Paying bills and taxes.
Filing tax returns and other required documents.
Distributing property to the heirs and legatees.
Filing a final account.
Some of these steps can be eliminated by avoiding probate through joint ownership or trusts. But whoever is left in charge still has to pay all debts, file tax returns, and distribute the property to the rightful heirs. You can make it easier for your heirs by keeping good records of your assets and liabilities. This will shorten the process and reduce the legal bill.
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