Probate
When your loved one passes, you may look forward to receiving family heirlooms or trinkets with special meaning. However, before that can occur, their estate must go through probate. This process involves settling debts before assets are distributed to heirs of an estate. Whether the deceased had a Will or passed away without one, it is designed to ensure that the deceased’s final wishes are honored and their estate is managed in an orderly manner.
Our Bishop Estate Law is not just about managing this process but also about providing you with the support you need. From potential litigation and contested probate to intestate succession, our team is here and ready to provide you with expert legal advice and support as you move through the process.
What is Probate?
Probate is the court-supervised process of administering an individual’s estate after their death. During this process, the deceased’s Will is verified, any debts and taxes owed are repaid, and the remaining assets are distributed to their beneficiaries. If the person dies without a will, the court will determine how the estate is distributed according to Utah’s intestacy laws.
The process typically involves the following steps:
- Filing a Petition: The process begins by filing a petition with the court, asking to be appointed as the estate’s executor or administrator.
- Notifying Heirs and Creditors: The court requires that all heirs and creditors be notified of the proceedings to make claims against the estate if necessary.
- Inventorying the Estate: The executor must locate and list all the deceased’s assets, including residential and commercial properties, bank accounts, and stocks.
- Paying Debts and Taxes: The executor must settle any remaining debts and taxes owed by the estate before assets may be distributed to beneficiaries.
Depending on the complexity of the estate, it can take several months or even years to complete. If you are dealing with a more complex case, our Bishop Estate Law team is here and ready to help.
Is It Always Required?
Whether or not probate is required depends on several factors, including the size and type of assets in the estate and whether the deceased had a valid will. Generally, i is necessary if:
- The deceased had assets solely in their name.
- There are disputes regarding the will or distribution of assets.
- The estate contains complex assets such as real estate or business interests.
However, not all assets must go through this process. Certain types of property are exempt, including:
- Jointly Owned Property: Assets owned jointly with the right of survivorship automatically pass to the surviving owner and bypass probate.
- Payable on Death (POD) Accounts: Bank accounts with designated beneficiaries are transferred to the beneficiary upon death without going through probate.
- Life Insurance and Retirement Accounts: These policies typically have named beneficiaries, and the proceeds are paid directly to them.
Common Challenges You May Face
Probate can be a straightforward process, but it can come with challenges in cases where heirs or creditors cannot come to an agreement and settle disputes without legal intervention. Some of the most common issues families may face include:
- Will Contests: In some cases, interested parties, including family and other heirs, challenge the validity of a will, claiming the deceased was not of sound mind when the Will was created or that undue influence was involved.
- Disagreements Among Beneficiaries: If conflicts arise between heirs over the distribution of assets, the process can be delayed. These disputes can sometimes lead to increased costs and a lengthy litigation process.
- Creditors’ Claims: If your loved one owed money to creditors, they may file a claim against the estate. If there are not enough liquid assets to cover these debts, heirs may need to sell property and other assets.
- Complex Assets: Estates that include businesses, real estate in multiple jurisdictions, or other complicated financial assets can add complexity to the process and lengthen the time it takes to settle the estate.
An experienced legal team, like our team at Bishop Estate Law, can help you navigate these potential issues and avoid unnecessary delays or costs.
Providing Legal Expertise, Care, and Support
Navigating this process can be challenging, especially if disputes arise or if your loved one passes away without a will. At Bishop Estate Law, we have extensive experience handling all aspects of this process, including will validation, estate administration, and litigation. Whether you are an executor who needs guidance, a beneficiary facing a contested probate, or a family member dealing with the complexities of intestate succession, our dedicated team is here to help.
Contact Bishop Estate Law today to schedule a consultation. Let us take the burden off your shoulders so you can focus on what truly matters during this difficult time.