PROBATE PROCESS SHORT
EXPLANATION
The first step in the
process is the filing of the original will, if there is one, certified copy of
the death certificate and with the Petition and other documents with Probate
Court asking the Court that appoint you as Executor or Administrator. All
interested parties may ‘assent’ to your request or they may be notified after
you have filed. We are also required to notify the Division of Medical
Assistance by sending them a copy of the petition and death certificate. We
receive a citation, which is the public notice announcing your request, and we
arrange to have the citation published in a local newspaper to alert creditors
and any other interested parties that the will has been offered for probate.
We are given a small window to publish the citation and then return it to
the court with proof of publication. A copy of this citation must also be
mailed to all interested parties. Sometimes a citation can be
avoided.
Once you are officially
appointed you will have the authority to open/close bank accounts, transfer
funds, handle the estate assets, etc. Within 90 days from your
appointment date, you should file your Inventory with the Probate Court listing
all probate property [property in the decedent’s name alone, not joint property].
After appointment and filing
the Inventory, you can pay expenses/debts on behalf of the estate and managing
the income assets of the estate. You will also be determining if assets
of the estate will need to be liquidated in order for you to pay necessary
expenses. You should keep track of your time and expenses so you can
report properly and be compensated for carrying out your duties as Executor or
Administrator. An estate tax return is due if the taxable estate exceeds
$1,000,000. The return is due nine months from the date of death.
As Executor or
Administrator, you will also be required to file a First and Final Account with
Probate Court. The First and Final Account can be filed for allowance
after 12 months have passed since the date of death. This, again, will
involve notices to interested parties, collecting assents, assembling financial
records and making an accurate accounting of how money has been spent on behalf
of the estate.
Strictly speaking, you
should withhold any distributions until the Final Account has been allowed by
the Probate Court. You may make a personal decision to make partial
distributions, however, if there were claims and your remaining resources were
not adequate, you would be personally liable. You should definitely
obtain the assents and releases prior to distributing any money.
The whole process takes 15
to 18 months, if all goes well, with periods of activity and periods of
inactivity.