steps in the probate process

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The probate process is designed to validate the will, execute its instructions, settles the estate's debts and distribute the assets to the heirs and beneficiaries according  to the final wishes of the deceased. 

The first step to probating a will is to submit the will to the probate court and ask the court to name you as the executor. If the decedent died intestate (without a will) you will petition the court to name you the administrator. A petition for administration or probate of will should be submitted to the Probate Court within 30 days of the decedent's death. 

To do this, you'll file a petition or application with the local probate court in the town where the decedent lived at the time of their death. Most probate courts have standard forms that can be completed. 

If the decedent owned real estate in more than one town or county in the same state, there is no need to file separate petitions, it can all be handled together.

The probate court will then schedule an initial hearing which allows any interested parties the opportunity to object to your being named as executor. Before the hearing you will need to send a formal legal notice to any beneficiaries named in the will. You will also notify any creditors and file a legal notice in the local newspaper.

In some cases the probate court may require the executor or administrator to post a bond. This bond protects the estate from any losses. Many will will state that a bond is not required. If there is no will or this issue is not addressed in the will, the judge may require it.

If a bond is required, the amount will vary based on the size of the estate. Bonding companies provide this service for a fee, which can be paid using funds from the estate. 

Part of the probate process is to prove the will's validity. Many times a self-proving affidavit is signed by a witness who testifies in a notarized statement that they witnessed the will. In the absence of this affidavit the court may ask for a witness to testify in court.   

While the probate process plays out you will need to settle any outstanding debts and pay any taxes. A bank account should be opened in the name of the estate and the funds used to pay creditors. 

In order to do this an inventory of the decedent's property must be completed, some of which may need to be appraised. A CPRES can complete a Comparative Market Analysis (CMA) on any real estate in lieu of an appraisal which will save the estate hundred of dollars. You may need permission from the court to sell some assets such as a house or a business if the will does not authorize the executor to sell without prior court approval.

As executor, you will be responsible, not only for paying the debts, but also filing personal federal and state tax returns on behalf of the deceased. Note that if the decedent passed away prior to filing taxes for the year prior to their death you will need to file a return for both years. (i.e. they died in February 2018, you will need to file a return for 2017 and 2018)

The estate itself will need to file federal and state returns if required. (CT is one of twelve states that impose an estate tax)

A qualified tax accountant can assist with this, and the taxes are paid with estate assets.

Once the debts have been paid, or the creditors claim period has passed, any necessary tax returns have been filed, and any disputes have been settled it is time to distribute any remaining assets and close the estate. 

When requesting to close the estate the court will require you to submit an accounting of your activities as executor. This accounting will how and where any assets were distributed, which creditors were paid and detail the income and expenses of the estate. Once this is done you will have fulfilled your duties and will be released as executor. 

Does all this sounding daunting? It can be, unless you hire a professional who understands the process. You don't have to tackle the probate process alone. Contact us today and let a Certified Probate Real Estate Specialist (CPRES) guide you from start to finish.