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Probate is the legal process of settling the estate of the deceased. It involves identifying and valuing the assets, paying the debts and taxes, and distributing the remaining property to the heirs or beneficiaries. Probate can be complex, time-consuming, and costly, depending on the size and nature of the estate, the laws of the state where the person passed, and whether there are any disputes among the parties involved.
Probate is not a one-size-fits-all process. There are different types of probate depending on the size and complexity of the estate, the state laws, and whether there is a valid will or not. Some of the common types of probate are:
- Formal probate: This is the most traditional and comprehensive type of probate. It is usually required for large or complex estates, or when there is no will or a contested will. Formal probate involves filing a petition with the court, appointing a personal representative (also known as an executor or administrator), notifying the creditors and heirs, inventorying and appraising the assets, paying the debts and taxes, and distributing the property according to the will or the state law. Formal probate can take several months to years to complete and requires extensive court supervision and involvement.
- Informal probate: This is a simplified and expedited type of probate. It is usually available for small or simple estates, or when there is a valid will and no or few disputes among the parties. Informal probate involves filing an application with the court, appointing a personal representative, notifying the creditors and heirs, inventorying and appraising the assets, paying the debts and taxes, and distributing the property according to the will or the state law. Informal probate can take a few weeks to months to complete and requires minimal court supervision and involvement.
- Summary probate: This is an even more simplified and expedited type of probate. It is usually available for very small estates that meet certain criteria, such as having no real estate, no debts, or no disputes. Summary probate involves filing a sworn statement with the court or presenting it to the person holding the property, such as a bank or a brokerage firm. Summary probate can take a few days to a few months to complete and requires no court supervision or involvement.
Greenwood Law offers probate services. We can be reached at 309-517-5415.