Probate is undoubtedly a complicated and time-consuming process that one would like to avoid at all costs. However, sometimes that just isn’t possible. This doesn’t mean you have to shoulder this burden all by yourself. Simply typing online “the best probate estate lawyers.”, would unravel a barrage of options that you could rely on to make this process fathomable.
As a law firm that specializes in Estate Planning, we know the challenges that come with probate. In this article, we would like to share a few tips that would put your mind at ease and make this entire process seem a tad bit less intimidating.
So, without much further ado, let’s start by first understanding what Probate is.
Defining Probate
Probate entails a legal process by which a deceased person’s affairs are settled before their estate can be distributed. These affairs could include the settlement of their debts and assets as per a will (if it exists) or state law (if a will is absent).
A probate becomes necessary in the following scenarios
- A deceased person passed away without designating beneficiaries
- No trust was set up or it was set up but not funded.
There are different types of probate processes. A formal probate comes into effect if the estate in question is significantly large and complex to settle. Formal probates are complex and executed under court supervision. On the contrary, you have informal probate that comes in handy to resolve more straightforward cases involving smaller estates with no disputes.
For more information on the varying types of probate processes, it would be wise to consult seasoned probate lawyers in Michigan. The lawyers at The Law offices of Sean Patrick Cox would be happy to address your questions.
The Estimated Cost of Probate
The cost of probate will vary from situation to situation. Cases where there is a dispute, or the estate itself is large will take time to conclude. Naturally, such cases will cost a lot of money. It is estimated that a typical probate process could last 5-12 months.
Generally, you would be expected to pay court filing fees, your attorney’s fees, publication fees for legal notices, and any other additional charges. Seasoned probate and estate lawyers could shed light on the cost you could be paying. We suggest you consult our lawyers for more clarity on this topic.
Now that you know what Probate entails, how much it could cost you, and how long it would last, let’s now understand how you can navigate it.
A Step-By-Step Guide to the Probate Process
1. Filing Petition
The probate process will formally kick-start as soon as a family member, the executor, or an attorney files a petition in the local probate court. Alongside this filing, a petition to open probate is also submitted.
You will need to submit a signed petition form, death certificate, and a copy of the original will (if it exists). A personal representative is appointed once this is done who will be responsible for managing the estate.
2. Notifying Concerned Parties
Once the probate proceedings begin, all parties with interests in the estate must be immediately notified. This includes all heirs or beneficiaries named in the will. If no will exists, any person entitled to the estate according the Michigan’s intestacy laws must be informed.
Both known and unknown creditors to the estate must also be informed. Unknown creditors can be informed through publications in newspapers.
3. Making a List of Assets
It is now up to the personal representative appointed by the will or Michigan court to make an inventory of all assets owned by the deceased. This involved making a list including all tangible, intangible, and digital assets. Making note of these elements in an organized fashion could result in the seamless administration of an estate.
4. Settling Debts
Similar to assets, the personal representative should also make a note of debts owed by the deceased. Everything from outstanding loans to credit card debt must be taken into account and settled immediately.
5. Final Accounting
Once all assets are accounted for and all debts settled, it is time to prepare a final accounting report. This report must document the financial transactions related to the estate in great detail. Double-check to make sure this report is clear and accurate before submitting.
The court will review this report and determine whether it complies with legal requirements. If all is well, the court will approve this report and you can proceed to distributing the assets. Remember, you cannot afford to make a mistake here. As such, we would recommend seeking professional help from law firms like ours.
There is a good reason why we are at the top of search results when someone types – “the best probate estate lawyers near me”.
6. Distribution of Assets.
Once you’ve received official approval from the court, all that’s left to do is distribute the assets. If a will exists, the personal representative or executor will be obliged to distribute as per the terms dictated in the will.
If there isn’t a will, the personal representative must follow the guidelines expressed by the local probate court. Each designated beneficiary must receive documentation highlighting their share of the estate.
7. Close the Estate
The personal representative must now submit an official report, which confirms that all debts are cleared, taxes are paid, and assets are distributed. This final report will basically be a summary acknowledging that all of the duties necessary to close an estate were performed.
Once this is done, the estate will be closed. The personal representative will now be free from his duties.
Challenges you Can Face with the Probate Process
Even though the probate process seems straightforward on the surface, it is complex enough to steer you off the course. You could find yourself facing challenges like
- A will that is ambiguous in nature.
- A process that takes years to conclude
- Disorganized records that make inventorying assets tough
- A contested will.
These are all challenges you can overcome with the help of a good probate law firm in Michigan. This is where the services of Sean Patrick Cox come into play.
The Law Offices of Sean Patrick Cox: Probate Made Simpler
Estate planning itself is complicated. What makes matters even more daunting is if you have to go through a lengthy and costly probate process. Fortunately, this isn’t a burden you have to shoulder on your own. At the offices of Sean Patrick Cox, we are home to seasoned attorneys who are familiar with the probate process in Michigan and know how to tackle it with great success.
This is perhaps why our law firm has been at the top of search results when someone Googles – “best probate attorney near me”. You can trust our lawyers to help you navigate this process with ease and peace of mind.
Initial consultation with our attorney is free! Get in touch now to learn more.
The Law Offices of Sean Patrick Cox is a lawyer. Sean practices in two main areas, family law, and elder law. he has represented clients in complex divorce cases since 1994.
