What is Probate?

When a house is in probate, it means that the legal process of administering the estate of a deceased person is underway, and the ownership of the property is being determined. The probate process is designed to ensure that the debts of the deceased person are paid, and that their property is distributed to the rightful heirs or beneficiaries.

During the probate process, the court will appoint an executor or personal representative who will be responsible for managing the deceased person’s estate, including the property. The executor will identify all of the deceased person’s assets, pay any debts or taxes owed, and distribute the remaining assets according to the deceased person’s will or, if there is no will, according to the laws of the state.

Who you work with matters

Mark Leddy has been working with sellers in probate for over a decade. His experience and market knowledge combined with leveraging the marketing reach of both Schneider Properties and Compass give his clients the best results in the industry. There is no “one size fits all” solutions for sellers in probate. Mark’s extensive list of vendors can help you with any request you have.

Personal Property:

  • Organization
  • Locate and secure valuable property
  • Estate sale
  • Donate items small and large (Household items to Cars and Trucks)
  • Haul away unwanted items

Real Estate Related:

  • Property Valuation
  • Intra-family transfer (keep property)
  • Refinancing
  • Property Leasing
  • Property Sales
  • Property Maintenance
  • Property Repairs

GLOSSARY OF PROBATE TERMINOLOGY

PROBATE:

When a house is in probate, it means that the legal process of administering the estate of a deceased person is underway, and the ownership of the property is being determined. The probate process is designed to ensure that the debts of the deceased person are paid, and that their property is distributed to the rightful heirs or beneficiaries.

 

During the probate process, the court will appoint an executor or personal representative who will be responsible for managing the deceased person's estate, including the property. The executor will identify all of the deceased person's assets, pay any debts or taxes owed, and distribute the remaining assets according to the deceased person's will or, if there is no will, according to the laws of the state.

PROBATE COURT:

Probate court is a specialized court that deals with the administration of a deceased person's estate. The purpose of probate court is to oversee the process of settling the estate, which includes identifying and valuing the deceased person's assets, paying any outstanding debts and taxes, and distributing the remaining assets to the rightful heirs or beneficiaries. In addition to handling the probate process, probate court may also be responsible for appointing guardians for minors or individuals who are unable to care for themselves, as well as managing trusts and other estate planning arrangements. Probate court is generally overseen by a probate judge, who is responsible for ensuring that the probate process is carried out in accordance with state law and that the rights of all parties involved are protected. The judge may also be responsible for resolving any disputes that arise during the probate process, such as disagreements over the distribution of assets or the validity of a will.

PERSONAL REPRESENTATIVE:

A personal representative is a person who is appointed by the probate court to manage the estate of a deceased person during the probate process. The personal representative is also sometimes called an executor or an administrator, depending on the terms of the deceased person's will. The personal representative is responsible for carrying out the instructions of the deceased person's will, if there is one, or if there is no will, for administering the estate in accordance with the laws of the state where the probate is taking place.

JOINT TENANCY WITH RIGHTS OF SURVIVORSHIP:

Joint tenancy with rights of survivorship is a type of co-ownership of property in which two or more individuals own the property together. In joint tenancy with rights of survivorship, each co-owner has an equal and undivided interest in the property, and all co-owners have the right to use and enjoy the property.

 

One of the key features of joint tenancy with rights of survivorship is that when one co-owner dies, their interest in the property automatically passes to the surviving co-owner(s) without the need for probate. This means that the surviving co-owner(s) will automatically become the sole owner(s) of the property.

TESTATE:

If a person dies with a valid will, they are said to have died testate. In this case, the probate court will oversee the distribution of the deceased person's assets according to the instructions set out in their will. The executor or personal representative named in the will is responsible for managing the probate process and carrying out the deceased person's wishes.

INTESTATE:

If a person dies without a valid will, they are said to have died intestate. In this case, the probate court will oversee the distribution of the deceased person's assets according to the laws of the state where the person lived at the time of their death. The court will appoint an administrator or personal representative to manage the probate process and distribute the assets to the deceased person's heirs according to state law. The heirs are determined by the state's intestacy laws, which typically prioritize spouses and children but may also include other family members.

CODICIL:

A codicil is a legal document that is used to modify, amend, or add to an existing will. It is a supplement to a will that allows the person who made the original will (also known as the testator) to make changes without having to create an entirely new will.

 

A codicil must be executed in the same way as a will, with witnesses and notarization, and it must refer to the original will in some way. The changes made in the codicil may be minor, such as adding a new beneficiary or changing the executor, or they may be major, such as revoking a provision in the original will or adding a new set of instructions.

 

Codicils are often used when the testator wants to make minor changes to their will without having to rewrite the entire document. For example, if a testator wants to add a new beneficiary, they can do so by creating a codicil that specifies the new beneficiary and how much they will receive. Codicils can also be used to update a will in response to changes in a testator's life circumstances, such as a marriage, divorce, birth of a child, or acquisition of new assets.

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PROBATE GENERAL INFORMATION

Probate is the legal process by which a deceased person's estate is administered and distributed according to their will or, if there is no will, according to the laws of the state. The purpose of probate is to ensure that the deceased person's debts are paid, and their property is distributed to the rightful heirs or beneficiaries.

 

The probate process involves several steps, including:

 

  1. Filing a petition with the court to open probate
  2. Appointing an executor or personal representative to manage the estate
  3. Identifying and valuing all of the deceased person's assets
  4. Paying any outstanding debts and taxes
  5. Distributing the remaining assets to the rightful heirs or beneficiaries

The probate process can be complex and time-consuming, and it is generally overseen by a court or probate judge. 

DEFINITION AND DUTIES OF THE PERSONAL REPRESENTATIVE / EXECUTOR

The person who is legally responsible for handling the probate process is called the executor or personal representative. The executor is usually named in the deceased person's will, and if there is no will, the court will appoint someone to act as the personal representative.

 

The executor or personal representative is responsible for managing the deceased person's assets, paying off any outstanding debts, and distributing the remaining assets to the beneficiaries according to the terms of the will or state law. The personal representative must also file all required legal documents with the court, notify beneficiaries and creditors of the probate proceedings, and attend court hearings as necessary.

 

If you have been named as the executor or personal representative in someone's will, it is important to understand the legal requirements and responsibilities of the role. You may wish to consult with an experienced probate attorney to help you navigate the probate process and ensure that you fulfill all of your legal obligations.