FAQ Friday: Probate Process
On Friday, August 26th, at 11am EST, Candice Joy talks about the probate process.
Determine what are all the assets they own and how they are titled such as in a trust or jointly or in an individual’s name.
The only assets that we need for this specific process (probate) are the ones solely in the deceased name.
Often this includes their car, and a bank account. A small probate is if your assets are less than $50,000. A regular estate is anything over that.
Our focus today is on a small probate. Small is what clients can usually handle themselves, whereas regular estates is usually what our firm is hired for to help with.
After determining the assets, your next step is to go to the Register of Wills office. You’ll need to bring the Will if there is one, your Petition (they will help you fill it out), the Death certificate, funeral expenses and proof of values of all the assets. There also may be a probate fee, so bring your checkbook. Also make a list of all interested parties such as family members, were there no Will and their contact information.
You will receive Letters of Administration or Letters Testamentary which will help you manage the probate process.
The next step will be regarding banking as you will need a bank account for the estate and you will likely put all the assets in their such as when you sell their car or receive a refund check for something.
Pay attention to any tax filings that need to be completed such as their final income tax filing. Depending on the estate’s income, the estate might need a tax filing as well.
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