Law

What is Probate?

Probate is the process of settling a dead person’s estate by the court. The process begins with one of the deceased’s surviving relatives, a fiduciary, applying to file a will. This application names them as executor (the executor handles all legal affairs) and the successor trustee (the successor trustee manages the property). After this, the court must be convinced that it should open an inquiry into any claim to property or estate assets. The next step is for an inventory search; this step involves looking through all items in the deceased’s possession at that time to determine their value.

The probate process is usually divided into two distinct processes: the administration and the distribution of assets. The administration encompasses all legalities that happen before any distribution of assets occurs. A Reno Probate Attorney is someone who is knowledgeable in the probate process and assists in completing it. Probate lawyers have knowledge of the legal documents needed for probating an estate. The purpose of a probate lawyer is to make the process of probating an estate easier.

Is Probate Necessary?

There are times when probate is necessary. These times include the death of an individual who has a will but no living relatives who can act as executor and successor trustee, or one who has a will but no living relatives who are willing and able to claim damages from the property.

Probate is also required when there is a lack of living heirs to distribute assets, regardless of whether they leave the property in a will or not. This can occur if the deceased leaves behind certain assets (such as their house) that they do not want to be distributed amongst their heirs.

Probate is required if there is a living individual who is willing and able to act as an executor but has no legal heirs, or if a person dies with no will but other assets that do not go through probate.

How Much Does Probate Cost?

The cost of probate varies depending on the size of the estate and the number of people involved. Probate lawyers usually provide a fee schedule that specifies what they charge for different service areas. This fee is usually based upon rates charged by courts.

Probate is expensive if there’s a large amount of money to distribute through probate (for example, if there are ten heirs who inherit $10 million). However, it can be inexpensive if it entails only a small amount of property or assets.

If you’re going to hire a lawyer, don’t pay upfront fees – instead, inquire about their fees schedule so you’re not surprised when you receive your bill or be prepared to pay cash at settlement.

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