Home
About Us
Search
Articles
100 Benefit FAQ's
Elder Law FAQ's
ParriScope
Directions & Maps
Links
Disclaimer
Feedback

 

 

 

PROBATE --- What is it?

Reprinted Spring 1993

The word "probate" comes from Latin meaning "to prove." Probate is the process of distributing your property, after your death, to the people named either in your will or as set forth by state statutes if you have no will.

Is formal probate always necessary? No, if all property is jointly owned and there are no assets in the deceased person's name, formal probate is not required. In this case the will can be filed with the probate clerk in the county in which the deceased resided. A death certificate should also be recorded. A non-taxable certificate should be obtained from the Dept. of Revenue and also recorded in the Clerk's office. This makes the death a public record.

There are also some abbreviated probate proceedings such as family administration and summary administration but there are very specific criteria to be followed in using these procedures.

Formal probate requires that the original will be filed with the probate court along with other paperwork. Probate includes naming a personal representative, informing effected parties such as beneficiaries and creditors that probate has been started, obtaining values on the assets, paying creditors, taxes and fees, preparing accountings, distributing property to beneficiaries, filing tax returns, and finally closing the estate. Frequently a surety bond is required on the personal representative, the amount varies with the size of the probate estate.

What is probate property? Property that is titled in your name alone. Property owned jointly without a right of survivorship. Life insurance payable to your estate, not another person or organization.

The time necessary for probate varies from case to case. It could be as short as six months or as long as several years.

Back Next

 

 

 

 

 

 

Copyright © 2002 Law Firm of Raymond L. Parri, P.A., All rights reserved.
Last modified: 11/23/04