What is the Purpose of Probate?
A probate serves many purposes: such as gathering and safeguarding the decedent's assets, paying debt to all legitimate creditors and distributing the assets to the appropriate heirs. To explain it in a real estate fashion, you know that the owner needs to sign the deed on the house to transfer it to a buyer. However, if the owner is deceased, then the court needs to appoint a personal representative (who is either an executor, who was named in the will or an administrator, if there is no will) to sign the deed to transfer the house to the buyer, all of which must be overseen by the court.
Probate Big Picture Summary
- File Petition to get Personal Representative Appointed
- Hire CERTIFIED Probate Specialist to Sell Property (Sandra Green-Murray)
- Collection of Assets
- Inventory an Appraisal
- Payment of Creditors, Debts, and Taxes
- Distribution of the Estate