Probate is the legal process through which a court oversees the administration of the decedent’s assets between creditors and beneficiaries. This can prove confusing for those who are seeking to serve as their loved one’s executor or if they are expecting an inheritance. While an estate planning lawyer can answer specific questions, here is a brief guide about what you can expect. 

What You Should Know About Probate

How does the process start?

Locating and accessing the will is the first step. You should next consult with a probate attorney to assist you in preparing a petition to open the estate and appoint a personal representative.  If the deceased died without a will (called “intestate”), you still need to file a petition, and the judge will select a personal representative. It is possible to file a petition to dispense with administration if the estate’s personal property is valued at less than $30,000, which is the exemption available to a surviving spouse (or children, if none).

Is a formal settlement required?

After paying any outstanding debts and taxes, the personal representative distributes the assets to beneficiaries and settles the estate. There are two methods available for settling: formally and informally. The personal representative must settle the Estate Formally unless he or she obtains waivers from the Estate’s heirs If the personal representative is filing a formal settlement, he or she must provide a detailed accounting to the Court along with supporting documentation.

How long does it take?

An estate must remain open so long as there are assets for it to administer. At a minimum, the Estate must remain open, and the personal representative may not make distributions, for six months after his or her appointment. This period allows creditors sufficient time to assert claims against the Estate.

Can you avoid probate?

There are a few estate planning methods that allow you to bypass this probate. Examples include the execution of a living trust. This would allow your assets to transfer according to the trust, and not probate, upon your death. Payable on death accounts and life insurance policies may also avoid probate by transferring assets directly to a named beneficiary.

Protect the financial future of yourself and loved ones with dependable estate planning services from Gess Mattingly & Atchison PSC. Based in Lexington, these trusted attorneys offer legal assistance with a wide range of individual and business needs across Kentucky. From family law to probate court, they're committed to a personalized approach. Visit them online for more information about their services. Call (859) 252-9000 to schedule an appointment.