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:
- Collection of the assets.
- Payment of debts and taxes.
- Distribution of the estate
assets.
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.
