1. What is Probate?  Probate is the process for wrapping up the legal affairs of a decedent person.  It involves confirming the decedent’s Last Will, collecting and managing his or her property, paying his or her just debts, and distributing the remaining property among his or her beneficiaries.  Probate is administered by a local court where the decedent resided. 

2. The Man or Woman In Charge.  In most probate administrations, a person or company must be appointed to take care of things.  That person or company is called an executor or personal representative.  The decedent’s Last Will usually nominates an executor, but if a person dies without a will (that is, intestate) state statutes will describe who should be the executor. 

3. When do We Read the Will?  Gathering the family at the attorney’s office to read the Last Will is a staple of the movies, but it’s not necessary.  What is necessary is to submit the Last Will to the probate court.  If the Last Will has been properly executed, and there are no objections, the court will “admit the will to probate,” which confirms its effectiveness.

4. Counting Forks.  The executor must identify and estimate a value for all of the decedent’s property and take care of it through the probate administration.  This can be especially difficult for small businesses and real estate.  The property, called the probate estate, must be reported in an inventory that goes to the court and the beneficiaries.

5. Time is Ticking.  Creditors of the decedent have a right to make a claim against the probate estate.  In most cases, creditors’ claims must be paid first, before distributions are made to the beneficiaries, but only if the creditors file their claims on time.  In Florida, creditors have about 3 months from the time the executor publishes notice of the probate administration to file their claims.

6. What’s the Hold Up?  Probate administration usually takes from several months to several years to complete.  At a minimum, the executor has to be appointed and give creditors time to file their claims.  The process takes much longer if property has to be sold or if an estate tax return must be filed.  The executor can make partial distributions to beneficiaries, but it’s not a good idea.

7. Objects of One’s Bounty.  During probate administration, the executor must keep the decedent’s beneficiaries informed about the process, through periodic accountings and other disclosures.  At the end of administration, when all the claims have been paid, the executor must divide up and distribute the remaining probate estate according to the Last Will or laws of intestacy.

8. An Easier Way.  Most states offer a relatively simple procedure for handling the probate administration of small estates.  These procedures are easier in some states as compared to others.  Even when an estate qualifies for a simple administration, however, there are sometimes good reasons to undertake a formal administration.

9. Not Every Estate is Taxable.  Just because probate administration is necessary (or advisable) for an estate does not mean that the estate must pay Federal estate taxes.  Estate taxes are only required of a small number of estates.  Even if an estate is not large enough to pay estate taxes, it may have to pay its own income taxes, depending on how much income is earned by the estate during administration.

10. Like a Root Canal.  For some, probate administration should be avoided at all cost.  It is possible to take steps during life to help ensure that your estate will not require probate administration.  Designating beneficiaries to inherit financial accounts and jointly titling other property can make probate unnecessary.