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ESTATE SETTLEMENT – PROBATE Probate
with a Will What
is Probate? Probate
comes from a Latin word which means to “prove.” To probate the Will therefore is to prove its authenticity.
If there are no challenges to or defects in the Will, the Register of
Wills (PA) or the Surrogate’s Office (NJ and other states) will accept it as
authentic provided it meets the requirements of a valid Will under the law. Wills
are only registered or filed with the court after death.
They are not registered before death. This
allows a person to change the Will any time before death by having a new Will
written or by having a Codicil (amendment) written to change certain terms in
the Will. Once
the Will is accepted by the Court, Letters Testamentary are issued officially
appointing the Executor as the person to administer the estate. The
Executor will usually then obtain legal help to take the estate administration
through the many steps required under the law to bring it to a successful
conclusion which will mean having: (a) filed all necessary legal papers with the
court, (b) gathered all assets, (c) paid any debts due, (d) paid any taxes due,
(e) prepared and filed an accounting of the estate administration with the court
and the beneficiaries for approval. There
are many other aspects of the administration of a decedent’s estate involving
paying state inheritance taxes, federal estate taxes if due, the individual’s
last income tax return, tax returns on interest earned during the administration
of the estate, advertising of the estate, filing inventory, notices to
beneficiaries, defending any actions brought against the estate or Executor,
pursuing any claims on behalf of the estate and other legally required acts. When
all duties have been fulfilled and after obtaining an approved accounting by the
beneficiaries or the court, assets are distributed according to the terms of
the Will. Ó 2000 James
W. Pearson, Jr., All Rights Reserved FOR ADDITIONAL INFORMATION CALL THE TOLL FREE HELP LINE 1-800-232-1477 E-mail: lawyer@lawwalk.com JAMES
W. PEARSON, JR. Chair of the Federal & State Credit Union Department & Coordinator of legal consultations under the Family Legal Care Plans offered to credit union members. |
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