Probate Administration

What is Probate?

Probate is the court process to enable a court-appointed fiduciary (Executor or Administrator) to handle the following:

Collect assets
Identify beneficiaries
Identify creditors
Pay creditors
Distribute net estate

When is Probate necessary?

Probate is necessary (typically) only when a person dies having had sole ownership of an asset without a beneficiary designation (examples: vehicle, savings account, etc.)

If I'm already someone's Power of Attorney, don't I already have the authority to do these things?

No - a Power of Attorney is no longer valid when someone passes away. You must get court authority to handle their affairs.

What is required of an Executor?

After the Executor's appointment, within 60 days they must file an inventory of the deceased person’s property with the court.
They must then file Periodic Reports setting forth how much money and property they have received/distributed as the Executor, along with a Final Report of Settlement at the time the estate is closed.
Depending on the amount of the estate assets, an Executor will need to obtain a surety bond (unless either the Judge or the Will waives same).

Probate Avoidance Strategies: