When a person passes away, their estate will likely have to go through the probate process. In California, this is done by filing a petition in the California Superior Court. The process confirms the validity of the will if there is one, identifies the heirs, pays approved debts, and passes any remaining assets to the beneficiaries.
As part of the probate process, a person is named personal representative. If someone is named in the estate plan, they will usually be the one named. The court will appoint someone if there isn’t a will present.
What happens during the probate process?
Once the personal representative is named, notice is provided to beneficiaries, heirs and known creditors. This allows those parties the chance to make claims or bring up any objections.
An inventory has to be taken of all the assets included in the estate. These may go through a valuation process. Some assets may not be part of the estate, but may be included in either trusts or accounts with named beneficiaries. If those are present, they will be handled according to the terms on the trust or account.
After the inventory is handled, the administrative phase begins. This is when debts, final expenses and taxes are paid. The personal representative has to submit a final accounting that shows the financial transactions. If that’s approved by the court, the remaining assets are distributed to the beneficiaries in accordance with the estate plan if there is one or according to the intestate laws if there isn’t an estate plan.
It’s imperative that everything in probate be handled exactly as required. Any missteps can result in the process being prolonged or more costly than necessary. Because of this, it’s usually best to work with someone familiar with this process.