Question: What is Probate?

Answer: Probate is a court-supervised transfer of a deceased person's assets to the legal heirs or beneficiaries named in a will, and the determination and payment of debts and obligations of death taxes under the supervision of the probate court. Probate protects the respective rights of debtors, creditors and beneficiaries of the estate. Probate is intended to make sure that once property is transferred to heirs or benficiaries the property is free from any claims of creditors or liens for estate inheritance or income taxes.

Question: How long does probate take?

Answer: The time required for Probate is dependent on the size and complexity of the estate. A small estate can possibly be settled in two to three months. Larger more complex or contested estates may take up to two or more years with extensions by the court. Factors that affect the length of time include size of the estate, the assets owned, the form of ownership, complexity of creditors' claims, and whether a business is involved and tax planning.

Question: What is a personal representative?

Answer: A personal representative is an individual or corporation named in a will or selected by the court to oversee the probate of an estate.

Question: What are the main duties of a Personal Representative?

Answer: The responsibilities of a PR include: * Identify and collect the assets of the decedent; * Manage the assets during the administration of the estate; * Pay expenses of administration, taxes and claims allowed by the court: and * Distribute the remaining assets to those entitled to receive them.