"Planning is a guide for today."

Peter Drucker

How does the probate process get started?

The first step is to determine whether there is a will or not. If so, someone is probably named in it as executor; usually it’s a family member. If not, a local probate court will appoint one (although they have different terms for court-appointed managers of an estate). In either case, the court open a case for the estate, which will stay open until all of the estate’s debts are paid and the assets are transferred properly to the heirs.

What documents are needed to start probate?

While laws differ in each state, you will need a death certificate and the will (and any related documents such as trusts). Once the process gets under way, probate requires an inventory of assets and debts owned by your loved one. This includes copies of:

• Bank and brokerage statements for the month of death, including mutual fund accounts and any certificates of deposits
• Stock or bond certificates held outside a brokerage account
• Partnership certificates or agreements
• Property deeds
• Mortgages, mortgage notes and other debts
• IRA, Keogh, pension and/or annuity plans
• Life insurance policies
• Federal and state tax forms going back at least two years (including any gift tax paperwork)
• Automobile titles and loan paperwork
• A list of all personal property owned (with an estimated value)
• Safe deposit box number, location and inventory (some states require that safe deposit boxes be sealed and opened only in the presence of a state-appointed auditor)

Even though this list is long and complicated, there may be other items required, depending on state laws, and on the complexity of the estate. For example, valuable collectibles may require a separate inventory and valuation. Or the name and contact information of an accountant, if there was one.

What are the steps in the probate process?

The probate procedure, though it will vary somewhat from state to state, generally proceeds as follows:

• The deceased’s residence is legally determined. (The legal word for the home is “domicile.”)
• The will must be proven to be valid and must be recorded at the probate court in the county where the person lived. Experienced probate lawyers can easily handle this step.
• If a will exists, the lawyer will ask the probate court to appoint an executor (sometimes called a personal representative). Many wills nominate an executor. The court usually appoints the person named in the will.
• Some wills require the executor to “post a bond” with the probate court. The bond is a money guarantee that the executor will take good care of the estate.
• Executors can ask the court to be paid for their services. The payments come from the estate. Often, a family member will take on the responsibility without charging the estate.

What happened if a loved one dies without a will?

That’s what the legal profession calls “intestate.” Without a will, the estate is distributed according to state law. This is different for every state, but generally the assets go to surviving spouses and children, or (if none) to other family members. The state plan usually covers how to estate assets are passed along to under-age children. If your loved one died intestate, check local laws for the specifics of managing their estate.