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A probate is the court process of transferring the assets of a decedent to the persons or institutions entitled to receive them. There are basically three main functions of the administration of a probate estate through the court process. They are:
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The death
of an individual is often a stressful event for those associated with the
decedent. Feelings of grief and loss are to be expected and oftentimes are
accompanied by feelings of guilt and anger. Those who are responsible for
taking care of the management of the decedent's affairs may feel at a loss
to wind up unfinished business and determine what must be done to collect
the assets, pay those bills that are due and to distribute the assets to the
persons who should receive them.
One issue we assist our clients with is evaluating whether or not a probate
proceeding will be necessary. It may not be necessary if title to assets is
held in joint tenancy or if there are certain types of life insurance on the
decedent. Generally, a legal review is needed to determine the character of
the property, the manner in which title is held and the value of the assets
of the decedent. Even if it is determined that a probate proceeding is not
required, a probate proceeding may be desirable in order to protect the beneficiary(ies)
against creditors of the decedent and to obtain income tax benefits.
©2000 PS&P