Probate Timeline- A Quick Overview
Although the probate process varies from state to state, there is a basic order and process to the proceedings that is, for the most part, universal around the country. The following is a look at the steps one must follow during probate in order to insure that all financial matters of the estate are handled in the correct manner and in a timely fashion.
Steps in the Probate Timeline:
- Step 1: Filing a petition for probate
The first step in the probate process is filing all the required paperwork with the court. Check with an attorney or your state’s probate court to make sure all the documents are handled properly.
- Step 2: Probate hearing
Several weeks after your paperwork has been filed, there will be a probate hearing to help determine the validity of the estate and confirm that the process is adhering to the law from the start.
- Step 3: Issuing the letters of administration and filing the order
During this part of the probate process, the names of those representing the estate will officially be entered into the court record. The order that begins payment to creditors will also be filed at this point.
- Step 4: Notice to creditors
This is one of the primary steps of the probate process. During the notice to creditors period (which can take several months), an inventory is prepared containing all debts and assets of the estate. There will be a search for all creditors to which the estate owes money. Also, the IRS will be contacted so that the federal and state tax status of the estate can be determined as well. Finally, this is also the time in which the sale of assets owned by the estate can begin.
- Step 5: Paying all creditors
When all the creditors of the estate (including the Internal Revenue Service) have been located, and the amount they are owed has been ascertained, it is time to pay them all.
- Step 6: File additional paperwork with the court regarding completion of above steps.
Next, the court must be notified, via filing, that all the creditors have been paid. It is at this point that a formal request (a petition) to distribute funds to those named in the will or trust will be made.
- Step 7: Petition hearing
Approximately four weeks after step six is complete, there will be a hearing to confirm that all the paperwork has been filed properly and that the estate’s debts with its creditors have all been settled to the satisfaction of the court.
- Step 8: Distribution
Sometime during the weeks that follow the petition hearing, the court will issue its ruling on the case. If everything goes according to plan, the distributions to those named in the will or trust can now be made. Also, at this time, attorney’s fees for the probate process will be paid to the lawyers representing the estate.
Probate can be a complicated process. That is why it is crucial that the executors or other individuals in charge of the estate hire experienced probate attorneys to handle all of the steps listed above. Probate attorneys can bring about a speedy resolution to all debts owed by the estate, and see to it that those who are scheduled to receive payment as a result of being named in the will receive their money (or property) in a timely fashion.
