Probate and Administration of Estates
Probate is the legal procedure to prove if a will is valid or invalid. There are many steps involved in the probate of will, and it is important to have all papers in order to make the probate of your will easier.
What happens if there is a will?
- Make an appointment with the Clerk of the Circuit Court.
Take the will and any other supporting documentation of the will such as a death certificate.
- Be prepared to estimate the value of the estate at that time.
- After the meeting with the Clerk of the Circuit Court, begin processing forms for any life insurance and determining the value of any property as of the date of death.
- File the Inventory of the Estate with the Commissioner of Accounts within three months.
- File the First and Final Accounting of the estate with the Commissioner of Accounts within nine months.
- File any necessary federal and state tax documents within 12 months.
What happens if there is not a will?
- Make an appointment with Clerk of the Circuit Court.
- Set a hearing before a judge in order to determine who will be the administrator of the estate. Be prepared to give an estimate of the worth of the estate.
- Once an administrator has been appointed, follow the above steps.
Prepare the record for your executor or administrator.
- Add names for access to your safe deposit box.
- Leave your safe deposit box key where it is easily found by the person you have named as executor or administrator.
- Tell your executor or administrator your desires for your funeral.
- Leave 3 years of tax information.
- Leave information on previous gift tax returns.
- Safeguard your will.
- Update beneficiaries on Life Insurance policies, 403s, 401s, and IRAs.