Written by Navigating the legal process can be more manageable with the support of a skilled probate lawyer. As an executor, you can confidently handle the complexities with the proper legal guidance. Below are the essential steps involved.
Filing The Petition and Validating The Will: Initiate the process by filing a petition with the probate court. The court will then review and validate the will, confirming your appointment as an executor.
Inventory and Valuation Of Assets: You must create a detailed inventory and valuation of the deceased’s assets, including real estate, bank accounts, investments, and personal property. You must appraise each asset to establish its fair market value as of the date of death.
Settling Debts and Taxes: You are responsible for using the estate’s assets to pay outstanding debts and taxes. This includes notifying creditors to file claims and ensuring all federal estate and income taxes are filed and settled.
Distributing Assets: Following settling debts and taxes, you must allocate the remaining estate’s assets to the beneficiaries as the will outlines.
Closing The Estate: The final step involves closing the estate. You must present a final accounting detailing all financial transactions made during probate. Once the court approves this accounting, the estate is officially closed.
In addition to managing these core steps, executors often face specific challenges related to real estate transactions during probate. A probate and estate lawyer can assist in handling these matters, from managing property sales to addressing title transfers.
San Diego Probate Attorneys
12626 High Bluff Dr Suite 440,
San Diego, CA 92130
(858) 333-8844
https://www.SanDiegoProbateAttorney.com/