If you have a loved one that recently passed away, you may have heard about their estate having to go through probate. Here is what you need to know about probate so that you can better understand how it can affect you.

What's Probate?

The process of having an estate go through probate is how assets legally change hands from the estate of the deceased to their heirs or beneficiaries. In most states, all estates go through probate regardless of having a will. There are ways to avoid probate by using a trust, but it is too late to do that if the person has already passed away.

How Does Probate Start?

If someone passes away and only has a basic will, the court will look at who has been identified to be in charge of the estate. That identified person would then petition to be assigned responsibility of the estate. A court will look over the will to confirm that the identified person was who the deceased wanted to control the estate, and then appoint them to the probate case. Now things can start happening to divide the estate according to the will, which includes accessing money from bank accounts and collecting assets.

Who Is Notified Of The Death?

The person identified as being in charge of the probate process is responsible for contacting people about the death. This includes people who could be receiving assets from the estate as well as creditors who are owed money. Any creditor must make a claim within a specific window of time in order to receive money that is owed.

When Are Assets Divided?

Once the window for creditors to make a claim has closed, the court will allow assets to be divided among the beneficiaries. Even if a will requests that someone receives a specific amount of money, that money may not be left after creditors are paid their debts. Once all assets have been divided, the court will be notified and the probate case is closed.

Even though the court watches over the entire probate process, it helps to have a lawyer on your side to ensure that it is done correctly. The process can be incredibly complicated, especially for people who have not gone through the probate process before and don't know what to expect. Reach out to a local probate lawyer for a consultation about how they can help.

For more information, contact a law office like Law Offices of Wayne A. Pederson.