What Can I Expect During the Probate Process?
Losing a loved one is never easy.
At Metroplex Wealth, our goal is to aid our clients in navigating this difficult time. Whether it’s your estate or that of a loved one that has passed, we have the distinct advantage of marrying the world of estate planning and probate near me to offer everything you or your loved ones need to settle an estate all in one place.
What is Probate?
Probate is simply a process in which the assets of the deceased are managed and allocated accordingly. The cost and duration of this process varies depending on if there is a Will in place, if there are real estate holdings, location of the real estate holdings, size of the estate, complexity of the estate, etc. Common fees that show up during the probate process of settling the estate include court fees, accounting fees, attorney fees, and executors fees – to name a few.
What Can I Expect During the Probate Process?
Metroplex Wealth, in partnership with the boutique law firm of Redding Law office, is here to assist in all of you and your loved ones probate near me needs. While each probate is different, here are a few common steps you can expect during the probate process:
- Petition is Filed with the Probate Court
The first step in the probate process is to open a petition for probate of the estate with the proper courts. At this time, the Will (if there is one), death certificate, and petition are all submitted.
- Notice of Probate Given to Beneficiaries
Shortly after, all named beneficiaries are given notice of probate of the estate, and a hearing follows. The purpose of the hearing is to provide an opportunity for anyone to provide additional information (maybe someone has a more recent version of a Will in their possession) or to dispute the Will.
- Court Appoints Executor or Administrator of the Estate
The person selected as the Executor or Administrator of the estate oversees the process of settling the estate.
- Assets are Located and Cataloged
The first task for the Executor is to locate and take all assets into possession. This process can be timely, given that there might be assets even a spouse or named heir does not know about. Once the assets are located, an inventory of assets is to be created.
- Pay the Estate’s Creditors
All debts and final bills are paid out of the estate by the Executor/Administrator.
- Prepare & File Final Estate Taxes
All estate taxes are filed and paid by the Executor/Administrator.
- Assets are Allocated to Beneficiaries
Once all debts have been paid, the Executor/Administrator distributes the remaining assets accordingly.
If you have questions about probate near me in Southlake, Texas or want to begin estate planning today, call our office at Metroplex Wealth. We specialize in estate planning, asset protection, and probate and would love to help you navigate these complicated subjects with ease.
