You are likely to be involved in the probate of an estate at some point, either because you are responsible for administering an estate or because you are a beneficiary, heir, or creditor of an estate. Even if you never find yourself directly involved in the probate of an estate, you should still have a basic understanding of probate so you can make informed decisions when creating your own estate plan. Toward that end, the Owings Mills probate attorneys at Gershberg & Associates, LLC have put together the answers to several frequently asked questions about probate. If you have additional questions, or need assistance with the probate of an estate, please feel free to contact our office to schedule an appointment for a consultation.
What is probate?
Is probate always required?
What assets are part of the probate process?
- Assets held in a trust.
- Proceeds of a life insurance policy.
- Certain types of jointly help property.
- Assets held in an account with a “payable on death (POD)” or a “transfer on death (TOD)” designation.
- Certain retirement and pension accounts.
What is the role of a Last Will and Testament during probate?
What happens if there is no Will?
Who oversees the probate of an estate?
What are some common steps in the probate process?
- Identifying, locating, securing, and valuing estate assets
- Initiating probate.
- Notifying creditors that probate is underway.
- Reviewing creditor claims and approving or denying each claim.
- Litigating any challenges to the Will or creditor claims.
- Calculating and paying any state and/or federal tax due.
- Transferring the remaining assets to the intended beneficiaries/heirs of the estate.
How long does probate take?
What happens if someone challenges the Will?
Should I hire an attorney if I am responsible for administering an estate?
For more information, contact the experienced Owings Mills probate attorneys at Gershberg & Associates, LLC by calling 410-654-3850 to schedule an appointment.