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How Is a Will Executed After Death?
When someone dies, their will is executed through a process known as probate. During probate, the will is validated, and the estate of the person who died will be inventoried […]
When someone dies, their will is executed through a process known as probate. During probate, the will is validated, and the estate of the person who died will be inventoried so that the assets can be distributed to the intended individuals. If someone has a small estate, the probate process typically isn’t necessary. The probate process typically includes the following steps:
- The designated executor files the will in a probate court
- The executor obtains the assets from the estate to inventory and account for them
- Financial institutions, the IRS, creditors, the Social Security Administration, employers, life insurance policy issuers and beneficiaries are notified
- A notice to creditor advertisement is published by the executor
- Assets are used to settle any remaining taxes and debts that are owed
- Remaining assets are distributed to beneficiaries according to the will
- The estate is closed by petitioning the court after beneficiaries and creditors have been paid
When the executor files the will with the probate court, they will usually present additional documentation such as a death certificate to confirm that the owner of the estate has died. When it is time to distribute the remaining assets to beneficiaries, the executor may need to take additional action. For example, some assets may be sold for cash to pay for outstanding debts or for further distribution to beneficiaries. The executor of the will is also responsible for filing the final income tax return for the person who died and any additional related reports prior to closing the estate with the court.
In most instances, the probate process takes around six to nine months for completion, although this can vary by state. If the will is contested or if the person who died didn’t have a will, the probate may be significantly delayed. Additionally, the size of the estate can affect the time associated with probate proceedings, especially if the person who died had a large estate or complex circumstances surrounding their assets.
Sources
“Wills: How They Go From Probate to Public Record”. Investopedia. https://www.investopedia.com/ask/answers/101915/when-are-beneficiaries-will-notified.asp
“Estate Administration: The Will After Death”. FindLaw. https://www.findlaw.com/estate/estate-administration/estate-administration-the-will-after-death.html
“How to probate a will: A step-by-step guide”. FreeWill. https://www.freewill.com/learn/how-to-probate-a-will
