Who Is Responsible For Handling The Probate Process?
There are a number of factors that contribute towards the decision of who will handle the probate process on a decedent’s assets:
First, it depends upon whether the decedent actually owned any titled or significant assets that were in his or her own name. If there were no assets, or if all assets were in joint names with a surviving contractual beneficiary, there is no need for probate and so there will be no need for anyone to handle the process.
Other factors that will come in to the equation include whether a will has been left and whether the decedent has any living relations. If the decedent has left a will, he or she may have already stipulated on the will who should be the executor of the estate. If nothing has been stipulated on the will or if there is no will, the court will normally appoint an executor, and this is usually a close relative or the person who has been named the main beneficiary. The executor will deal with the disbursement of the decedent’s estate under the supervision of the court.
If the court is unable to appoint an executor, then an estate administrator will be appointed to deal with the probate process. However, if there is no will and appear to be no living relations then the estate could end up going to the state.
Making a will is vital if you want to ensure that your worldly goods go to someone of your choice. This also gives you the opportunity to name an executor as well as identify the beneficiaries of your estate.
By making a will you can help to ease the burden on your surviving relations and loved ones after your death, and you can make sure that your assets are not unfairly distributed to simply awarded to the state.
Many people die without having written a will. It may seem a morbid thought whilst we are alive, but nobody knows what’s in store from day to day, and there is no harm in being prepared should the worst happen. If you have no living relations and nobody to whom you can leave your estate, you might want to name your favourite charity as the beneficiary. This way, when the estate administrator handles the probate process, the balance of your estate minus any debts owed will go towards helping a charity of your choice.
In the event that no probate process is necessary, a relation or even several relations normally deal with the will of the decedent. This does not have to go through the probate court, and the executor or executors are often agreed upon amongst the family and friends of the deceased.
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2008-04-07 12:21:18
Probate is the legal process of settling a deceased person's estate, which includes paying creditors or debts, and distributing the assets of the deceased to the correct beneficiaries. It is a complic ... [read more]