This term might sound a bit odd to some people. Also, there is this inherent fear executors have as regards to probating a will. However, this isn’t meant to be so. Probating a will serves a very specific purpose; one which we will be explaining in details below.
Firstly, probating a will at a local NY surrogate court is a legal process in which the estate settlement of a deceased person is taken care of by the presiding judge of a state. This settlement will have to be in line with the laws of the state. The probate process can be a bit lengthy and complicated, but no need to worry. With the help of this article, you will understand the step-by-step procedures of will probation.
1. Ascertain If A Probate Is Necessary
This survey kick starts the entire process. Probate is only necessary if the estates in question were individually owned by the deceased, or if there was joint ownership with another party. The only time probate will not be necessary is if the property in question is designated to a beneficiary, or belongs in a trust account.
2. File a Petition with A Probate Court
A probate petition will be filed with the clerk of courts of the area of residence. The executor of the property will then be mandated to get a probate bond. This bond will assure that the federal and state laws will be complied with by the executor. The court will then verify the will, thereby making it accessible for probation.
3. Oath Taking By the Executor
A formal swearing ceremony of the executor will be held. After the oath-taking, a testamentary letter will be given to the executor. This letter will alert other parties that you have full custody of the estate, and can therefore act under the estate guidelines.
4. Alert the Public
The executor will be expected to send out a broadcast as regards the death of the estate owner. This broadcast will alert potential heirs and beneficiaries of the estate about the death of the property owner. This alert will also give outsiders an equal chance to contest their share in the property.
5. Property Valuation
The executor will take a statistical record of the deceased’s estate. These records will give the executor an idea of how much the estate costs, and how much tax expenses are made as well as the cost of the mortgages, among other things.
6. Settle pending Taxes and Bills
The executioner must also take care of outstanding bills and taxes of the estate, to ensure that the properties are not in debt during the probate procedure. Expenses may vary as regards to the property valuation.
7. Asset Distribution
With the help and judgment of the court, the assets of the estate will be evenly shared to the beneficiaries and heirs to the estate. The court will also ensure the executioner is fair in the estate distribution.
The court will then close the case. This closure will complete your job as an executor.