What are important components of the probate process?
After a person’s death, probate is the official legal process in which that person’s will, assets, debts, and wishes are authenticated, distributed, and managed.
All estates of deceased individuals must go through the probate process, and probate courts are bound by processes and rules that determine how property can be distributed. While each estate will be slightly different depending on assets involved, the basic elements of the probate process do not change.
First, the deceased individual’s will needs to be verified by the Court. Unless the will is contested, this is typically the simplest element of the probate process.
After the will is verified, an inventory of the belongings within the estate is completed. The time it takes to complete the inventory will vary depending on the size of the estate and the amount of tangible property involved. Once all of the property and assets have been inventoried and accounted for, the items are then appraised to determine their value. This appraisal step can also be completed in conjunction with the inventory process.
The last basic elements of the probate process involve finalizing the deceased person’s accounts, such as debts or taxes owed. If and when there are remaining assets, these assets are then distributed according to the parameters outlined in the will.
The probate process can become confusing and emotional, especially if you and your loved ones are still going through the grieving process. Having a trusted probate attorney in Schaumburg, IL can make all the difference. Call our office today at (847) 845-9477 to learn how we can help streamline the probate process for your family.