Here is Step by Step Probate process and proceedings are being discussed.You must know about the probate process in order to avid misconceptions in court.
1. Employment of Attorney.
After you hold a family conference and complete the preliminary estimate of the assets of the estate, you will be in a position to know whether or not an attorney should be employed to assist in the probate court. If no probate is necessary, you generally can forget about retaining a lawyer. Furthermore, in situations where most of the property was jointly owned and there are no tax problems or litigation, a lawyer is not needed. If most of the property passes outside probate and there are no estate tax problems, there is no need for a lawyer. You will be surprised to learn how much you can do yourself—and how much you can save in legal fees — if you review the statutes and court rules with the idea of doing the things you are permitted to do as executor or administrator.
2. Determine If Probate Is Not Necessary.
Your preliminary estimate of assets and your first review of your state statute will enable you to determine if probate is unnecessary, usually without the need for a lawyer’s advice. In a vast majority of cases, a lawyer is not needed. Moreover, unless some conflict or controversy arises, there is virtually nothing fora lawyer to do in a small estate (other than performing the executor’s work at a high cost to the estate).
3. Preliminary Information.
Determine the domicile of the decedent for probate purposes. b. Determine the place of administration and possibility of ancillary probate in other states. Avoid probate in other states, if possible. c. Determine what kind of probate is appropriate— formal, informal, etc. Keep this question in mind when you first review your state statutes.
You Must Learn,How The Probate Process Works?
4. Initial Proceedings in Court.
Offer the will for probate or apply for administration— formal or informal. b. Obtain Letters Testamentary or Letters of Administration. Get extra copies of these documents for banks, claims, and other transactions. c. Arrange for bonds, if required. d. publish any notice required by statutes or rules. e. Publish notice to creditors.
Arrange for Ancillary Administration, if Required. 6. Prepare and File Inventory. 7. Tax Aspects of Estate Administration. Although you might need an accountant to assist in the preparation of tax returns, you should become familiar with all the necessary forms and the instructions for completing them. These can be obtained from IRS offices. It is recommended that you get a copy of IRS publication 559, Federal Tax Guide for Survivors, Executors and Administrators, and other information on tax requirements for an estate.
Tax Aspects of Estate Administration.
Although you might need an accountant to assist in the preparation of tax returns, you should become familiar with all the necessary forms and the instructions for completing them. These can be obtained from IRS offices. It is recommended that you get a copy of IRS publication 559, Federal Tax Guide for Survivors, Executors and Administrators, and other information on tax requirements for an estate.
Some of the usual requirements that you need to know include the following:
a. Apply for tax identification number b. File Income Tax Return,
c.Form 1040 for decedent File Form 712
d Life Insurance Statement
E File Fiduciary Income Tax Return, Form 1041 File Estate Tax Return e.
f. File U.S. Quarterly Gift Tax Return.
8. Claims Against the Estate.
Legitimate claims should be paid as soon as reasonably possible to avoid interest and penal- ties, provided the estate is solvent and has funds available. You should investigate all estate claims to make sure that they are valid. In the event litigation develops, your lawyer can handle it or you, but you can assist by having available all facts, evidence, and witnesses.
9.Order of Discharge.
After completion of all acts necessary to conclude the probate proceedings, file you application for an order of discharge. This marks an end to the probate proceedings.
