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When someone passes away, their Personal Representative or Trustee must ensure their assets are transferred to the intended beneficiaries. This is accomplished through a court process called probate, or if assets were in a trust, then by a trust administration.
The amount of time needed to complete the probate of an estate depends on the size and complexity of the estate, the local court rules and the court's schedule. While each probate matter in unique, the following steps are involved:
- Filing a petition to open the probate action
- Providing notice to necessary parties and beneficiaries
- Petitioning the court to appoint a Personal Representative
- Filing an inventory listing all assets involved in the probate action
- Paying valid claims made against the Estate
- Liquidating or selling assets
- Paying estate taxes, if applicable
- Distributing final balance of assets to beneficiaries
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