Get to know what the probate law is and what it determines. Read about executor and his duties, Probate petitions and Uniform Probate Code.

Probate Law. What is it?

Probate Law. What is it?

There is a law that concerns to property of the dead people. And it is called Probate Law. It means that property passes to the legatees after the death of a relative. This law determines who gets what when someone passes away, by looking at the will. In case it doesn't exist, then it is done with help of the laws of intestacy or laws that determine the hierarchy of legatees. Being very complex, probate law requires a lawyer's guidance.

probateProbate Basics
The property of a person that passed must be dispersed through probate. If there is a will, then the process is usually overseen by an executor. But in case it doesn't exist then a court oversees this case. The person that is appointed to administer the estate is called an executor. Besides, most jurisdictions require that the executor post a bond to protect the assets of the estate.

So, probate involves identifying and inventorying the dead person's property, accounting and appraising the property. But then all taxes and creditors are paid with the deceased's assets.

However, there may have a will. The assets will be distributed according to the instructions of the will if it exists. But then state law will determine who gets what and how much if there is no will.

Don't think that probate is needless when you have a will alone. Probate is still required for assets in the deceased's name alone. But a will can make a process easier.

All this means that property which the deceased owned individually has to pass through probate for ownership to pass to his or her legatees. Jointly owned property and the proceeds of life insurance, retirement accounts, and annuities pass to the surviving joint owner or the named beneficiaries without the necessity of probate.

Uniform Probate Code
Adopted by 18 states, the Uniform Probate Code specifies the rights of a surviving spouse when their spouse passes without a will. The rights include: If there are no parents, children, or grandchildren of the deceased spouse, the surviving one inherits the estate; if a parent survives, the surviving spouse inherits the first $50,000, then splits the remaining half of the estate with the parent(s); if a child or grandchild survives, the surviving spouse inherits the first $50,000, then splits the remaining half of the estate with the child or grandchild.

Probate Petitions
What about probate petitions, they should be filed in the county where the decedent was living at the time of expiration, regardless of where the person actually passed. Hearings are generally scheduled 4-6 weeks from the date of filing of a petition for probate. Notice of the probate hearing must be sent to all the decedent's legatees and all persons mentioned in the will during the period of time.