What is probate
Probate can be defined as a legal process of administering and distributing the estate of a deceased person in accordance with their will. For probate to occur under a will, the surrogate court must recognize that the will is valid. To ensure your will is valid it is advised that you seek assistance of a professional consultancy firm or lawyer that specialize in wills.
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Probate explained
As mentioned the legal procedure of administering a deceased persons estate is known as probate and it is essential that the deceased persons will is valid. The role of the probate is to distribute the property as stipulated by the instructions left by the deceased’s will.
On reading and interpreting the will, the probate will decide who will become the executor or personal representative of the estate left in the will. The probate will also monitor the claims and interests of parties who have a connection to the estate left in the will.
As stipulated, the validity of the will must be certain in order of the probate to commence distribution of the will and following the instructions left in the will. The following procedure conveys the probate of a will.
- Notify creditors and publish legal notices
- The nominated executor of the will must be educated on how to distribute and when to distribute the estate and to whom. They must also be aware of creditor claims.
- Time restrictions apply for objecting against claims made to the estate
- In contentious probate cases, separate procedures may apply.
- The estate held in the will may need to be sold to pay debts.
- Must take into consideration any applicable gift or inheritance taxes
- all taxation on the estate will be deducted prior to the estate being distributed
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