Finalizing your estate after your death.
Probate is a legal process in which final debts are settled and legal title to property is formally passed from you to your heirs. The probate process happens after your death. Not all estates need to go to probate court, it will depend upon the size of your estate and your estate plan.
While your death is certainly difficult for your loved ones, the probate process does not need to be. The attorneys of The Kraft Walser Law Office have the credentials, experience and expertise to counsel you in estate planning, probate administration and other legal concerns. By properly planning ahead you will assure your loved ones a smoother and worry free transfer of your assets.
The process of probating your estate.
The basic process of probating an estate includes:
- Collecting all of your probate property.
- Paying all debts, claims and taxes owed by you.
- Collecting all rights to income, dividends, etc.
- Settling any disputes.
- Preparing & Filing Any Required Estate Tax Returns.
- Preparing & Filing Any Required Court Documents.
- Distributing or transferring the remaining property to your heirs.
Collect Property
All property owned by the deceased must be identified, inventoried, and valuated.
Paying Debts
As your probate representative, Kraft Walser Law Office will be responsible to use the assets belonging to the deceased to pay off any known debts owed by the deceased.
Collecting Income & Dividends
All income and dividends that are outstanding at the time of the deceased's death will be collected.
Settle Disputes
Any disputes that arise in the will or settlement of debts must be reconciled as part of the probate process.
Preparing & Filing Any Required Estate Tax Returns
If the decedent’s taxable estate exceeds the federal or state exclusion amounts, an estate tax return will need to be prepared and filed, even if after deductions no estate tax is actually owed.
Preparing & Filing Any Required Court Documents
Successfully completing the probate of a decedent’s estate requires preparing and filing documents with Court at every stage. These documents include a petition, an inventory, proposed court orders and a final `account.
Distribution of Remaining Assets
After all assets are collected, debts payed, and disputes reconciled, the remaining estate will be distributed in accordance with the wishes of the deceased.
Advance planning, good legal advice, and the collection of important information will ensure peace of mind for your family as they go through the probate process. Call Kraft Walser Law Office and let us get started working for you.
Olivia 320-523-1322 | Hutchinson 320-587-8150 | Stewartville 507-533-0325 | Cokato 320-286-2396
