Probate Process From Start To Finish

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There's a lot of talk out there about avoiding probate, but many people really don't understand the steps that are involved in the probate process. So I thought I'd share the actual steps that me and a family are taking to complete an actual probate. Here are the steps:

(1) Review the will;
(2) Review the assets and debts;
(3) Prepare pleadings to have will probated and executor confirmed;
(4) Communicate relevant facts with all the heirs;
(5) File initial pleadings at courthouse;
(6) Wait for judge to sign initial order that will is valid and executor is confirmed;
(7) Get several certified copies of "Letters of Independent Executorship" from clerk of court;
(8) Obtain Tax ID Number from IRS;
(9) Executor opens estate accounts at investment firms where brokerage accounts are frozen;
(10) Executor moves assets from frozen accounts in deceased's name to estate accounts;
(11) Executor pays out specific bequests of money to heirs;
(12) Prepare inventory of assets and debts pursuant to court procedural rules;
(13) Prepare final court pleadings and submit to heirs for Verification;
(14) Final court order signed by judge ordering assets disbursed from estate to heirs;
(15) Transfer assets from estate accounts into heirs' newly formed accouts;
(16) Review capital gains tax and income tax consequences with all heirs;
(17) Executor sees that final income tax return is prepared.

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Estate Planning Attorney
Phone: [phone]

[lindsayhengehold]

Having a proper estate set up including a trust, living will, power of attorney & advanced health directives is so vital to avoid your estate going into probate & having to deal with probate court

[AlumniQuad]

1:40 Contact estate attorney
2:15 Will review
4:01 Independent administration
4:55 Agreement of heirs to independent administration, court pleadings
5:44 Disposal of "payable on death" assets
6:26 File stack of (unspecified) pleadings and agreements
7:02 Wait to hear back from court
7:35 Confirmation of executor
8:31 Order admitting will to probate
9:02 Grant of letters of independent executorship (formerly "letters testamentary")
9:41 File with IRS for taxpayer id for estate accounts
10:25 Establish estate accounts at financial institutions ("X as executor of the estate of Y")
11:47 Disposal of designated-beneficiary assets
12:42 Disposal and acknowledgement (via receipt) of assets explicitly named in the will (non-residual)
14:09 Prepare detailed list of remaining estate assets and liabilities
14:51 Prepare more (unspecified) court pleadings stating debts paid, explicitly-named assets distributed
15:39 Wait for response from court
15:50 Accounts established for each heir receiving a portion of the estate residue
16:29 Retention of a portion of assets in anticipation of filing decedent's final tax return
16:50 Conclusion
17:22 Tax treatment of inherited IRAs
17:50 Inheritance tax, capital gains tax ("step-up in basis"), estate tax
18:39 Will vs. trust

[BasedTexans]

Probate is very depressing. People get very greedy and it's a long drawn out process where lawyers just disrespect your loved one and steal everything.

[chuckt]

Wow! My father just passed with no will and assets in his name and it's a mess. Thank you for this it was very informative!!!

[trinafrench]

Your video is the best and easiest video I've ever learnt so much information and I understood. You have a gift at teaching. Thank you so much! What a clever man.

[viraestrada]

This was very informative and important information. We had been trying to get my father in law to get a Trust or give us POA, but he was a “know it all” and extremely stubborn man that thought he had it all under control and didn’t trust even his 2 sons with any of his financial information! And did I mention that my mother in law had Alzheimer’s and he was her sole caretaker! 😣 So He fell and broke his hip and never recovered from surgery and died 45 days later. We had to move into their house to care for mom and then file for Guardianship, what a nightmare.😢 We put mom into a memory care facility and she was happy there, but kept falling and declining. We eventually got guardianship, but soon after passed away. Now we’re trying to get the guardianship accounting completed and closed. OMG All while filing for Probate for both of them 😱. I’m telling you all this to say, Get a Trust, don’t put your family through this nightmare!! People, push your senior parents to get a Trust!! Don’t let them get away with thinking they know it all!! Just Do It! ❤

[NeonZX]

You should see probate law in Canada. It’s been a year and my brother and me are starting to go a little stir crazy with all the paperwork that the lawyer sent to the court only to have it returned because a paragraph or sentence needs to be reworded. I think the judges do it for their own amusement.

[MaisyDaisy]

Thank you for taking the time to create and post this informative video. My father just passed and I have a lot of research to do. Thank you for pointing me in the right direction!

[ph]

This video, consistent with all your YouTubes, is quite informative. Thank you for this service!
I was wondering if you would consider a To-Do List one could use to ensure all is prepared and ready for ones own death. Death & taxes are both a surety and I would not want to leave my executor with any problems when (not if) I die.

[roberttroutman]

A living trust seems to be the best way to go. Probating a will seems very complicated and time consuming, much more than you would think it should be.

[dianamccandless]

WHAT? A Video with *actual Examples* ??? Thank you!

[webuyhousesdenvercolorado]

As a real estate investor, I get people who contact me in probate pretty often. Videos like this help me a ton.

[Jack-nevm]

Isn't it simpler to put property in a "Transfer on Death" deed & add beneficiaries to life insurances, bank accounts & investments?

[michaelblazin]

Re: Savings bonds. I as the executor put all the bonds in an estate account at the US Treasury. That step digitizes the process and removes paper. Then I had the beneficiaries set up accounts at the US Treasury. Once we passed the 6 months hiatus (for KY), I used the judicial order to direct the US Treasury to move specific bonds to specific beneficiary accounts. Surprisingly, the US Treasury has a special office outside DC that handles it. It provided a terrific electronic trail, set up a quite easy redemption process for the beneficiaries (a few clicks), and most importantly, allowed the beneficiaries to continue to hold the high interest, 4%, bonds to maturity, +10 years. Paper bonds are not very convenient for anyone, especially clerks in a government office. Handing them out with death certificates obviously worked, but I would bet it took a while.

[lostinmyspace]

A family member was managing my mother's Certificates of Deposit from 30 years ago till recently. He was to report all the interst on his return, paying the tax, takng only the tax liability out of the matured CD's, then reinvest or rollover the CDs once again. In the end, he took all the interest and only distributed the beginning balance of total CD's taking 100% of interest income less the tax portion. Is this a probate court issue, or anoher court? My mother had no will or living trust. We only trusted this family member to do the right thing. The CD's were kept in 5 children's names but he managed it totally, and in the end took about $80, 000 in remaining interest thru the years. Please repsond to our plight, and would be most greatful. THUMBS UP!!!

[saimaanisshaikh]

Thanks Paul for doing these videos. I found them to be informative and help.

[scottymathieson]

Probate is AWFUL nightmare, 5 years and still waiting to transfer everything from my later fathers estate and move on with my life. I've spent 165k maintaining the can't sell as the legal heir to downsize because i don't have the title to the home....YIKES PLEASE put your assets in a trust rich or poor

[cookingblue]

This was very interesting and informative, thanks you for posting it. I think the audience would benefit from knowing the approximate cost of a similar probate ?


Thanks Paul

[djs]

The same court issued a check for my deceased brother. I am waiting for the DOJ on that issue. Took my brothers inheritance and I made them aware of it.

[nc]

How about the effect of putting real estate in a trust and how assessors may treat the homestead exemption.