What is probate? Rick Gans: When you hear the term “probate,” you probably picture the validation of a will. But probate is much more than that. It’s the administration of a deceased person’s estate, which involves gathering their assets, determining what debts they have (like funeral costs), and then distributing what remains to the beneficiaries who are entitled to it.
How long is probate in Oregon?
To do that, the executor of an estate must find and inform potential beneficiaries, as well as communicate with creditors to settle any outstanding debts using money from the estate. It’s not an easy job, and it can take a lot of time. In some cases, a personal representative must liquidate assets like a home or investment property to pay off debts. This can be a lengthy process that can last anywhere from a few weeks to several years.
New York Probate
The specifics of what happens in the case of a deceased person will depend on whether or not they left a will. If a person dies leaving a valid will, the executor named in the document, typically a family member, is responsible for initiating the probate process by filing a petition with the appropriate court. Then, the will is reviewed and a final ruling is handed down, designating the division of assets amongst the proper beneficiaries. However, if someone passes away without a will or with a will that’s found to be invalid, state inheritance laws will determine how their assets are distributed.