Dealing with probate isn’t fun for anyone. If you have a probate property in Rogers, here are a few things you should know!
If you are dealing with the probate process in Rogers, the process can feel confusing and emotionally overwhelming. Many people don’t know what to expect or how things will unfold. While the process varies state to state and based on the value of the estate, there are a few basic things that you can count on. Keep reading to learn more about the things you should know when dealing with a probate property in Rogers!
If There Isn’t A Will…
If there isn’t a will someone must ask the court to appoint them as the executor of the estate. This is typically the spouse or a child. Being executor of an estate comes with requirements and responsibilities. A notice of hearing will typically be published, notifying any heirs and giving them the chance to come forward. At this time, creditors will also be notified of the death and given a chance to come forward with a claim against the estate.
Time-Consuming
The probate property could be tied up in court for months in some situations. During this time, the executor will need to attend hearings, validate heirs, discover assets, and pay off any valid creditors that have come forward. The courts can move pretty slowly, making the process drag on and on over time. An executor can be paid for their involvement in the process, but a family member usually is not paid.
Handling Claims Against The Estate
Sometimes there will be claims of repayment against the estate. Creditors are notified upon the death either directly or via an ad in the local paper. These creditors then must file their claims against the estate. Once the court has deemed the claims valid, they must be paid off by the estate before any heirs can be paid. The claims can be debts that were owed at the time of death as well as any final arrangements and medical expenses for the deceased.
Identifying Heirs
If there is a will, the heirs will be clearly defined. If there is not a will, all living heirs must be found and notified of the death. The executor must see to it that anyone who may have a claim as an heir is properly notified. If the court deems them to be a qualified heir, they will receive their inheritance once all other debts have been paid off.
Accounting For All Assets
In some cases, it may be hard to account for all the assets a person owned. Things may not be laid out nice and neatly. There will need to be some work done to make sure all assets are accounted for. In some cases, there could be investments, bank accounts, and other assets that only the deceased knew about. Family members can sometimes be surprised by what they find.
Dealing with the probate process can be stressful and time-consuming. Knowing what to expect can make the process go much more smoothly.