Frequently Asked Questions
The basics about probate
What is probate?
Probate is the legal process where a deceased person's assets are properly distributed to heirs and beneficiaries. It is overseen by the courts to ensure that debts are paid and that the distribution of assets is done properly.
What are assets in probate?
In most cases these are assets that are in the descendant's sole name at time of death which contain no provision for automatic succession. This may include:
- Bank accounts
- Life insurance policies *(if estate is named as beneficiary)
- Real estate
- Vehicles
What does a will accomplish?
A will helps decide who gets property instead of letting the courts decide for you. It typically includes the name of a personal representative (executor) who manages the estate after your death. A will also allows you to set up a trust for minors, determine which assets can be sold or assigned without court proceedings, make gifts to charity, decide who will bear any tax burden and assign a guardian for minor children.
What happens if there is no will?
If there is no will when a person dies, the real and personal property is distributed according to formulas set down by the law. The court will appoint a personal representative on your behalf to manage your estate. The cost of probating can be higher than if you planned your own estate through a will. Plus, the administration of the estate may come under greater court supervision.
Who are the Players in the Probate Process?
a. Personal Representative, also know as the Executor / Executrix or the Administrator. The P.R. is the person who is appointed to manage the estate and to distribute the assets of the will. It is the duty of the Personal Representative to: Disclose all known assets Pay all expenses, which includes mortgages, notes, loans, secured and unsecured debts Distribute the Assets and or Funds to the Heirs
b. Heirs - The heirs are the person or persons who inherits or is entitled by law or by the terms of a will to inherit the estate of another. Although the assets may be intended for the heirs, the probate process typically mandates that creditors be satisfied prior to any distributions of assets or cash to the heirs. Often times, this requires liquidating all or part of the estate to satisfy the creditors. Probate Liquidators of Cobb provide these such liquidation services at no cost to you.
c. Attorneys - Attorneys have a fiduciary responsibility to their clients to act in the best interest of the estate, personal representative, and heirs. Typically, Probate Attorneys have no financial interest in the estate. Fees do apply, but considering their professional service and expertise, this is well worth the time and hassle should you feel the need.
What authority does the Personal Representative have?
Generally speaking, the Personal Representative may be appointed as Supervised or Unsupervised. When Supervised, the P.R. will require court approval on all agreements and/or actions except those ruling, law or letters of testamentary. When Unsupervised, the Personal Representative is given full power to carry out his/her duties without court approval.
Can a Personal Representative sell all or part of the estate?
Yes and yes, if the Probate Court appoints that person as an Unsupervised Personal Representative, this appointment allows the P.R. to carryout the liquidation of the estate in order to proceed with the probate process. If the court appoints the Personal Representative as Supervised, than the approval must be granted by the court before any part of the estate can be liquidated.
Probate Process timeline?
Appointment of PR
Notice to Creditors
Notification to Heirs
Inventory of the Estate
Filing of taxes (varies case by case)
Satisfaction of creditors
Disbursement of Estate to the Heirs
Discharge of Probate Court
For more information on timelines, duties of personal representative, glossary of probate terms and a much more in-depth study of the probate process please refer to www.gaprobate.org.
Probate Liquidators of Cobb is a service provider and CANNOT and DOES NOT represent any legal advisement. For legal advice on Probate Estates please consult with a Probate Attorney!
We can help you liquidate:
- Residential Houses
- Rental Property
- Multi Family Units
- Luxury Houses
- Commercial Buildings
- Businesses
- Vacant Land
- Farms
- Mobile Homes
- Jewelry
- Furniture and Household Goods
- Automobiles
- Boats
- Antiques
- RVs
- Mortgages
Or any other types of assets that will generate cash for you and your family.