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Twelve Months of Financial Milestones Working with Financial and Legal Advisors
What Is the Probate Process if There Is No Will? How Do I Pay the Bills Until the Estate Is Settled? What Does the Executor or Administrator Do? What Should I Do if I
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SETTLING THE ESTATE
The probate procedure, though it will vary somewhat from state to state, generally proceeds as follows: • The deceased’s residence is legally determined. (The legal word for the home is “domicile.”) • The will must be proven to be valid and must be recorded at the probate court in the county where the person lived. Your lawyer will handle this step. • If a will exists, your lawyer will ask the probate court to appoint an executor (sometimes called a personal representative). Many wills nominate an executor. The court usually appoints the person named in the will. • Some wills require the executor to “post a bond” with the probate court. The bond is a money guarantee that the executor will take good care of the estate. • Executors can ask the court to be paid for their services. The payments come from the estate. Often, a family member will take on the responsibility without charging the estate.
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What Are the Steps in the Probate Process?
