Probate

A probate is the court process of transferring the assets of a decedent to the persons or institutions entitled to receive them. There are three main functions of a probate estate. They are:

• Collection of the assets.
• Payment of debts and taxes.
• Distribution of the estate assets.

The death of an individual is a stressful event for family and friends of 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 managing 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.

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