Why You Might Need Money Before Probate is Closed

Why You Might Need Money Before Probate is Closed

What is Probate?

Probate is a legal process in America to distribute the assets of an estate after the owner dies. A personal representative or executor is appointed to handle the tasks associated with probate. In many cases, it must be approved by the local court before any funds can be distributed to the living heirs. There are several inheritance process steps to take.

Probate includes publishing a notice for all interested parties, paying creditors, filing tax returns and other statements, and determining market worth of all assets with an appraisal for real property, including real estate and any commercial property in the owner’s name. The executor may need to appear before the court multiple times during this period and meet other obligations. The deceased may have even owned a small business that must be liquidated or assigned to a new owner or investors or accounts https://paydayloanstennessee.com/cities/livingston/ in which they were investing. (más…)

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