Who Legally Owns an Estate During Probate?
Who Legally Owns an Estate During Probate?
During the probate process, who legally owns an estate depends on a number of factors. Usually, the first person to receive the inheritance is the person closest to the deceased. This person's first right of inheritance is considered the simplest, and may not include any other people or properties. The heirs-at-law are typically the spouse, children, and grandchildren of the deceased person. The closest friends are not normally added to the list of beneficiaries.
Probate
During probate, the deceased person's property is transferred to the personal representative, who is also called an administrator. The administrator must then follow the rules of the law and pay any debts that the decedent may owe. The estate may need to sell some of its assets to pay off debts and expenses. The estate will also need to pay taxes and funeral expenses. The personal representative will distribute property according to the laws of intestacy.
Distributing property
The heirs-at-law may include siblings, children, and grandchildren. If no family members are living, the administrator will distribute property to nieces and nephews. The administrator may also name a guardian for minors. A guardian must obtain court permission to sell real estate. The administrator will also file releases and refund bonds. The administrator's duties are similar to those of a lawyer. The administrator will distribute property to devisees in the will, and file final income tax returns.
Personal representative
The personal representative is usually a family member, but anyone with legal rights to the estate can apply to be an administrator. The person must be a qualified person and must have legal priority. He or she will also have the legal duty to open a probate court case and to pay taxes.
Affidavit of appointment
In New York, the will must be signed by a competent person in the presence of two witnesses. It must also include a valid Affidavit of Appointment. This affidavit allows the person to be named the executor of the estate. The executor must also fill out a non-probate inventory and appraisal of the estate.
Probate procedure
Probate procedures are usually very cumbersome. However, it is worth the effort to ensure that all of the deceased's property is distributed to the beneficiaries. In some states, an estate may qualify for "small estate" procedures. These procedures will not include the estate's assets that are not subject to probates, such as bank accounts and individual retirement accounts.
Probate proceedings can take quite a while, and many people are unaware that their heirs-at-law are not the only people who are entitled to inherit from an estate. In most states, the laws of intestacy dictate who receives the deceased's real estate. In New Jersey, the probate code outlines the priority of creditors and the order in which they are to be paid.
Revocable trust
A small estate may also be a revocable trust, which will avoid probate if it is set up correctly. It is not necessary to have a trust to avoid probate, but it is a good idea to consider it if it is not contested. A revocable trust allows the person who sets up the trust to appoint a trustee, which can be an individual or a legal entity. The trustee, in turn, can be a close family member or an attorney. A revocable trust is generally set up for a single beneficiary.
If you have questions, you can get a free consultation with the Best Probate Lawyers.
Parklin Law - Probate Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
