1. Josh Copeland Carlson & Copeland, PLLC September 20, 2011

3.  What is Probate?  The legal process by which we wrap up the last affairs of a deceased person’s estate.  Probate provides finality, in a legal sense, to the deceased person’s estate.

4.  When there is a will, it is said the person died “testate”

5.  When there is no will, it is said the person died “intestate ”

6. PROSCONS  Doesn’t require any planning  Don’t have to think about what will happen when you die  Provides no control over how your estate will be distributed  Doesn’t work well for blended families  Can result in minor children owning property outright

7.  Four main purposes of probate  To gather and preserve the deceased person’s assets;  To pay any taxes owed by the deceased person or the deceased person’s estate;  To satisfy any creditors; and  To determine who will be the new owners of the assets which have been gathered and preserved

8.  Every estate is unique  Generally, even a simple estate will take anywhere from six (6) months to one (1) year, complex estates may even take years  During probate, the probate property cannot usually be transferred without a Court order

9.  Before filing the petition for probate, it is important to gather information  Examples include:  Did the person leave a will?  Where did the person live when they died?  What are the extent of the person’s assets?  Who are the person’s heirs at law?  Did the person leave any creditors? If so, who?

10.  Probate begins with filing a petition for probate  Petitioner should be entitled to appointment as Personal Representative for the Estate

11.  Next step is appointment of the Personal Representative of the Estate  The Personal Representative is the person tasked with ensuring the probate process for the estate is properly carried out

12.  Identify, take possession of, and protect the probate property (with certain exceptions)  Receive and collect any payments due to the estate  Determine the relevant information for all of the possible heirs  Determine and pay any outstanding debts  Wind up the deceased person’s affairs in an orderly manner and according to the Court’s orders

13.  Inventory of the Estate is a list of all of the assets included in the Estate  Sometimes it is necessary for the Personal Representative to have these assets appraised

14.  Certain parties must be notified of the probate process  Generally accomplished by mailing notices  Notice must also be published in one or more newspapers  How many depends on where the person lived, and where they owned real property

15.  Notice of the probate is given to known creditors to allow them the opportunity to present any claims for payment to the Personal Representative  The Personal Representative is then tasked with approving or rejecting the claims  If approved by the PR, these claims must then be presented to the Court for approval

16.  Once the time period for the presentment of creditors’ claims has run out, the Personal Representative can prepare the Final Account.  The Final Account shows interested parties what the PR has done with the Estate  Once the Final Account is prepared, it is time to begin the process of closing the Estate

17.  Petition for Order Allowing the Final Account, etc.  Seeks Court order to wrap up the Estate  Final Hearing on the Petition for Order Allowing Final Account, etc.  The Court will order a Final Hearing, and order notice be provided to interested parties  Interested parties will have an opportunity to object to the Final Account

18.  Final Hearing  PR presents evidence to Court showing Estate properly administered  Distribution of Assets  If Court is satisfied, it will order distribution of assets  It will also discharge the PR from any further responsibility

19.  A process known as Summary Administration may be available  It takes anywhere from 60 to 75 days to complete the entire probate process  Often results in less attorneys’ fees  Summary Administration is not always advisable  Available for smaller estates, and for probates of foreign estates