You and your family will spend weeks, months, and sometimes even years going through the probate process following the death of a loved one. This process can present massive challenges and cause seemingly never-ending stress if you aren’t prepared.
So, what is probate, why is it important, and how exactly does it work? Learn everything you need to know about probate to navigate the process successfully.
What Is Probate?
Probate is a legal process that takes place in the aftermath of a person’s death and involves distributing their assets to the appropriate heirs. This process can play out regardless of whether or not a person put together a will prior to their death.
Each U.S. state has laws regarding the probate process, with some forcing families to work their way through more steps than others while conducting estate administration. But no matter which state you go through the process in, the ultimate goal is to perform will validation and carry out beneficiary distribution according to your loved one’s wishes while adhering to probate laws.
Why Is Probate Important?
Probate is important because it allows families to take their time while conducting estate administration after the death of a loved one. It’s also important because it minimizes the risk of fraud or theft occurring as your family seeks to distribute a loved one’s assets.
Without probate, your loved one’s assets could end up in the wrong hands. The process gives families peace of mind when settling a loved one’s estate.
Is Probate Required?
Probate is usually required in all 50 U.S. states and Washington, D.C. As of 2024, 18 states follow the Uniform Probate Code, created in 1969 to provide a standard set of rules regarding estate administration. The remaining states rely on their own probate laws.
There are, however, a couple of instances in which probate might not be required. For example, many states allow families to file small estate affidavits to transfer ownership of deceased family members’ property when it’s worth less than a certain amount. This amount varies from state to state, with California considering a small estate worth less than $184,500 and Vermont listing a small estate as one worth less than $45,000.
Many states also let families skip probate when their loved ones leave behind living trusts. These trusts automatically transfer ownership of bank accounts, life insurance policies, and more from a deceased person to their designated beneficiaries.
But generally speaking, the majority of families must go through probate. Even if a deceased family member didn’t leave a will, your family will still need to file the proper probate paperwork and abide by the intestate succession laws in your state. These laws ensure a person’s assets are distributed to the rightful heirs.
Who Is in Charge of Filing Probate?
The executor named by a deceased person in their will must file the probate paperwork. Executor responsibilities include creating an estate for a deceased person, listing their assets and debts, paying off debts and distributing assets, and closing a person’s estate. If a person doesn’t name an executor in their will or doesn’t have a will, the probate court overseeing their case will appoint an administrator.
How Does the Probate Process Work?
The probate process begins with an executor presenting a probate court with a copy of a loved one’s death certificate and their will if they have one. Many states give families about a month to do this, though the time you’ll have to file probate changes on a state-by-state basis.
From there, families must take these steps during the probate process:
- Notify heirs, creditors, etc., about a loved one’s death.
- Create a list of a loved one’s assets and their values.
- Generate a list of a loved one’s debts and pay them off.
- Take care of any taxes a loved one owed.
- Distribute a loved one’s assets.
Some families may also have to pay estate and/or inheritance taxes to their states. The IRS taxes estates worth over $13,610,000 as well.
How Long Does the Probate Process Take?
If your loved one died and left behind a small estate, you might not need to devote much time to the probate process. You and your family can probably steer clear of it altogether.
But if your loved one left behind a large estate, that’s when complications can arise. Your family might be stuck in probate court for the foreseeable future, as cases like this can take months and even years to conclude.
Call Rockpoint Probate Funding for Help During the Probate Process
Is your family struggling to make progress during the probate process following a loved one’s death? Rockpoint Probate Funding can help by providing probate cash advances. If you qualify, you could receive a portion of an expected inheritance within just 24 hours.
Contact Rockpoint Probate Funding at (888) 263-8588 to learn more.
