Getting What Is Rightfully Yours

3 Things That Need To Happen Before Probate Can Be Closed

13 July 2018

Estelle Mathieu

Losing a loved one can be a sad and stressful event. The stress doesn't end with the funeral if your loved one has significant assets and holdings. Probate is the legal process through which a person's estate is dispersed following his or her death.

Sometimes the probate process can be completed rapidly, while other times it is necessary to have lengthy court hearings to resolve issues with the estate. Regardless of the complexity of the estate, each estate will need to be closed at some point. Some important events need to occur before any estate can be properly closed out.

1. Assets must be collected and inventoried.

One of the first things that a probate administrator will do when handling an estate is collect all of the deceased's assets and inventory them. This process allows the administrator to determine exactly how much the estate is worth, which can be beneficial when it comes to issuing payments from the estate.

Assets can include vehicles and real estate, as well as bank accounts, personal belongings, and investments.

2. Property must be sold and bills paid.

A deceased individual will usually leave behind some bills that need to be paid out before the estate can be closed. These bills can include unresolved credit accounts and taxes. The value of the estate must be great enough to support the payment of any bills owing.

In order to ensure adequate financial resources, property is often sold, and the proceeds returned to the estate. Many probate administrators will assist surviving family members in auctioning a deceased's personal items, liquidating real estate, and cashing in investments in order to keep the estate solvent while creditors are paid in full.

3. Disputes among beneficiaries must be resolved.

Before an estate can be closed, all disputes among the beneficiaries must be resolved. It is not uncommon for surviving family members to argue over the distribution of assets following the death of a loved one.

The probate administrator is responsible for following the decedent's wishes when it comes to bequeaths, but beneficiaries can petition a probate court to examine the estate and make an alternative ruling. All legal disputes need to be cleared up before an estate can be properly closed in the eyes of the law.

Probate administration is a serious task that requires organization and determination. Certain steps need to be followed to handle an estate properly, and an attorney who specializes in probate will be able to assist you in the administration, distribution, and closing of a loved one's estate in the future.

For more information, check out a website like http://www.davis2.com/.

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