How to Handle an Estate Transition
People always say, “You can’t take it with you.” So everything you accumulate in this life has to stay here once you’re gone. That’s why many people trust an estate planning attorney to help them create a will wherein all of their belongs and assets are bequeathed to the people they love and care about in the event of their death. If, however, your loved one dies intestate – or without a will or estate plan of some sort – the estate will go into probate and you might be struggling to figure out what to do. Here’s how to handle things.
Hire a lawyer.
This most important step will be the thing that gets you through the process with the best possible results. You don’t know the intricacies of probate court or estate law and you certainly won’t be able to navigate the complicated process. Hire a lawyer to be your advocate and help make sure that your best interests are looked after.
Determine if the estate is eligible for small estate probate exemption
Many states have an option for estates under a certain amount to skip the probate process. The amount varies from state to state and could be as little as $500 or as much as $200,000. If the estate qualified from probate exemption you can handle the administration on your own once granted the exemption by the courts.
File a Petition for Letters of Administration
In order to do this you’ll need to determine the proper county to file in as well as obtain a certified death certificate that you bring with you to the courts. Filing this petition is basically asking the courts to act as a representative to the estate.
File a request for administration
This is a personal request to be the administrator of the estate. You can do this yourself or find someone else who you trust to make sure the estate is handled in the way your loved one would have wanted it.
Notify others of probate
All relatives as well as the community needs to be notified that the estate is in probate. This gives people the opportunity to file their petitions for payment from the estate in the event that they are owed money. Creditors, too, need to be notified and typically have about four months to petition for payment.
Typically, at this point, if you have followed the instructions and worked closely with your attorney, you will be granted administration. If you are in need of an attorney to help you through this process, call Bob Nelson. He has over 40 years of experience in the business helping people through the complicated legal system. He can help make sure that your loved one’s estate is handled with care.
