What is Probate?
When a loved one passes away, the details can be overwhelming. Those left behind are suddenly confronted with a myriad of strange vocabulary to learn and figure out what to do with. One common word that you’ll begin hearing is “Probate.” So, what is probate, and do you need an attorney to help you with it?
Probate is the process of filing the will of a deceased loved one with the court, gathering their assets, paying off their liabilities, filing taxes, and closing out their estate. Simply put, probate is the court process that oversees the administration of an estate.
The Purpose of Probate
The purpose of probate is to ensure that all of a deceased loved one’s debts are paid, and to make sure that their assets can be passed to their loved ones (“beneficiaries”) without any legal liability passing to their beneficiaries.
The Requirements of Probate
Probate requires that debts are paid in a certain order pursuant to a Pennsylvania statute, and limits the types of claims that can be brought against the person who has passed away. Probate also requires filing of tax returns to pay the Inheritance Tax for those who receive an inheritance from the person who passed. Usually, the estate pays this tax to avoid beneficiaries being saddled with the bill, although this depends on the Will.
Navigating the Probate Process
The Probate process can be confusing and, because it can be expensive, it is not always necessary to go through. A good Estate Administration Attorney will help you to see if there is any way to avoid the probate process altogether, as well as the fees and costs associated with it. However, in many cases, probate is required and is unavoidable.
If you know someone who has recently passed and you are trying to figure out how to administer their estate, call the Cornerstone Law Firm for a free consultation. We’ll be happy to sit down with you and discuss your options and to figure out the best way to administer your estate.