Most of us have this planned that we will get our will written. This is one way of securing our family and kids after one pass away. However, there is a whole process through which the will has to go to make it official and available to the beneficiaries. This process is known as Probate and it is not as complex and difficult as one might think.
The basic structure behind this process is that the testator, the person writing the will, will have an executor who will put the will through the whole probate process and after the process is complete, the beneficiaries can have their share of the will. It is always better to have a Milwaukee’s probate attorney to help you out with the legalities. There are four simple steps in this probate process. Let us go through them.
Filing a Petition
The first step in this probate process after locating the will is to file a petition in the probate court requesting the court to probate the will. All the beneficiaries and the heirs receive a legal notice regarding the field petition. With this step, we can move on with the process of the will that is now in the eyes of everyone,
Identify the Regarding Assets and Debts
Once the petition is filed and the executor or the personal administrator is recognised, one then discloses the entire asset that has been justifyin the will and an estimated is run to know the total value of the asset left. The executor is the one responsible to inform the other beneficiaries of the credit and the value of the estate.
Paying the Debts of the Estate
If there is any pending loan or debts on the assets and the estate mentioned in the will, one must repay all the loans and debts and any tax due on such estate must also be paid. A proper funeral with its expenses should also be cleared.
Distribution of the Assets amongst the Beneficiaries
Once all the debts have been cleared and the creditors have been paid, the executor can distribute the assets amongst the beneficiaries and the heir as has been mentioned in the will by the testator. This might require some legal and formal transfer of ownership.
These are the four small and easy steps through which one can get the probate process done. One should look for Milwaukee probate Attorney Near Me to make things easier and more efficient.
