Probate
Probate is a legal process, conducted through the court system, to effectuate the transfer of assets from a deceased person to their beneficiaries or heirs. When a person dies, they usually leave behind some assets. The type of asset, the way those assets are titled, and total value of those assets is what determines whether a probate will need to be filed with the court or whether the transfer of assets can be carried out through estate plan instruments already in place.
In the cases in which a probate needs to be filed, professional assistance with the process helps ensure the correct procedure is being followed according to state and local laws, the correct people are being appointed to carry out the duties involved with the process, and the legal requirements of the Personal Representative (Executor) are being appropriately and timely met.
Small Estate Administration
In some cases, a summary procedure called small estate administration, may be available to collect and transfer assets that do not trigger probate. Again, professional assistance with the process helps determine whether small estate administration or full probate procedures apply after the death of a loved one. This initial determination can be a huge saver of time, money, and effort.
