Death, Taxes, and Probate…But what is Probate?

Similar with death and taxes, many people hear the word “probate” and cringe.  Words and thoughts such as expensive, time-consuming, and fear of the unknown come into mind.  But what is probate?  Simply put, probate is the legal process that takes place after a person dies by resolving any claims and transferring property of the estate to those who would inherit under the probate court’s supervision. 

The probate process involves proving that the deceased person’s will is valid, notifying creditors, resolving debts, paying taxes, identifying the decedent’s property, inventorying the deceased person’s property, and distributing any remaining property according to the will’s terms or under the direction of state law.   

For example, in Nevada, after a person dies the executor or administrator will file probate filings in the Clark County Probate Court located in Las Vegas, with the assistance of a probate attorney (you don’t want to attempt this yourself because it is complicated).  The probate filings include information such as a list of the decedent’s property, debts, and names of who will inherit the property, etc.  Creditors and relatives will be notified of the death and once all required steps have been fulfilled, the court will order the estate’s property to be transferred and distributed to the recipients.  

Probate can be time consuming, expensive and nerve wracking, but can be avoided with some basic estate planning. However, if you find yourself in a situation where you must probate the estate of a loved one, we can help you through the process. The death of a loved one is always difficult and we at Michaelson & Associates, are here to help and guide you through these difficult times so that you can focus on the more meaningful things in life.