Distributing Estate Wealth

Probate, the court-supervised procedure for distributing assets in an estate, often receives a bad rep because of its time-consuming and sometimes public process. However, probate is very important in the distribution of wealth.

If a deceased individual does not leave a will or if a will is declared invalid, the court will appoint a personal representative or an administrator of the estate, according to a recent Weaver eNewsletter article. This appointed individual, with the assistance of an attorney, is typically responsible for the following tasks:

  •     Take inventory
  •     Evaluate the estate to minimize costs
  •     Decide on proper proceedings
  •     Publish notices to creditors
  •     Pay debts
  •     Pay taxes
  •     Disburse allowances
  •     Distribute assets
  •     Close the estate

View the eNewsletter article to learn more about the probate process steps as well as the difference between probate and non-probate assets.