PROBATE

 

Probate is the process of determining ownership of property owned by a person who died. The simplest method is to submit a Will signed by the person who died (Decedent) to be accepted by the Court as valid.  If there is no Will, then the process is more complicated.

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PROBATE/ESTATE ADMINISTRATION

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A probate administration is the process by which a person is appointed by a court with probate jurisdiction to gather the assets of a person who has died (decedent), pay the creditors of that person, determine the beneficiaries or heirs and distribute any remaining assets to the proper persons. An executor/administrator is appointed who is named in a will to manage the estate of the person whose estate is being managed.

 

An administration is independent when the administrator is free of all court supervision except for the initial hearing to establish the administration, and the requirement to file an inventory, appraisal, and list of claims (basically a list of probate assets) and to publish a notice of creditors.

 

An administration is dependent when the administrator must receive approval from the court for authority to perform any act, including: sale of assets, pay debts and distribute assets.

 

The administrator is required to post a bond to protect the estate. The cost of the bond is payable from the estate after the estate is opened. The beneficiaries or heirs may unanimously consent to the waiver of the bond, otherwise, it is required. The beneficiaries or heirs may also unanimously consent to the administration being independent; otherwise, it must be dependent if no grant of independence was made via a will. Naturally, an independent administration is far cheaper and often much faster than a dependent administration. A person may choose to avoid dependent administration in his or her will.