Even when an estate plan and will was in place, people must endure the probate process when administering a deceased individual’s estate. Although when you entrust a law firm shelby township mi to help with the estate planning process, the daunting process is far less complicated and complex and requires just four easy steps to complete.
The probate process is the settlement of debts that are held in a defendant’s name that is designed to transfer to the family or beneficiaries of the estate after the individual passes away. The will is used to help execute the probate process. Then, there are four steps that must be completed in the probate process.
Step One: File Notice
The probate process begins once a probate court petition is filed to grant executor rights or to administer the estate. A court hearing is scheduled and the defendant’s heirs must appear in court where they may file a petition if they disagree with the ruling of the court.
Step Two: Property Inventory
Written notice is placed in the local newspaper for a period of four weeks to give notice to anyone with a claim to the estate. If anyone wishes to file a claim based on debts outstanding, they must do so at this time before the deadline.
Step Three: Taxes & Debts are Taken From the Estate
Once the taxes and debts owed by the deceased are calculated, the monies outstanding are paid from the estate. A personal representative may or may not be needed to satisfy these obligations for the probate process.
Step Four: Title is Transferred According to the Will & Laws of the State
A waiting period must pass and debts must be paid from the estate. After which time, the remaining funds are distributed in accordance with the will or the agreement made by the family/beneficiaries or the state.