News & Articles < Understanding the Probate Process

Do you ever find yourself or a client asking, "what is probate?" In simple terms, probate refers to the distribution of assets of a deceased or incapacitated person. Following the probate process is essential to distribute those assets properly. Read a detailed step-by-step of the formal probate process below.

1. Petition to open an estate is filed to the court. 2. Probate bond may be needed before any assets can be handled. Can depend on how large the estate is. Some states require probate bonds. The probate bond protects the estate from intentional or unintentional losses and ensures there's no misuse in distribution of assets. 3. Appointed executor receives permission to handle estate transactions. 4. Executor locates all of decendent's assets. 5. Probate judge determines the value of the estate. 6. All decendent's debts, bills, taxes, and creditor claims are paid. 7. Remaining decendent's assets are distributed amoung beneficiaries.
 

You can find more information on the formal probate process as well as how to handle estates by visiting this website: https://www.suretybonds.com/blog/making-sense-probate-process/

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