What To Expect During The Probate Process In Eugene

Hey guys, this is Ed at Flip Sharkz. In today’s post, I want to talk about what to expect during the probate process in Eugene. The probate process can be long, frustrating and confusing. And in a post here I want to talk about what to expect during the probate process and dealing with a probate property in Eugene. If you find yourself in an unfortunate situation that you are the one that’s actually dealing with the probate property, you definitely have a lot on your hands. In dealing with the loss of a family member is hard enough, but settling their estate, handling the debts, managing the personal property is a giant undertaking. Every state has different rules we’ve got in this process so consulting a local attorney in your area is highly recommended.

Let’s review the seven basic steps of what to expect during the probate process here in Eugene.

1. Validating the will 

If a will was left, it would need to be deemed valid by the probate court. The probate court will review the legitimacy and petition will be filed with the courts during the probate process. The probate process will occur where the deceased lived or own their property. The second step is executor of the estate. Typically, the departed will specify who they are leaving in charge as the executor of their estate. If one is not listed, the court will appoint one. This will typically be a spouse, a child, or a sibling of the deceased, so whoever’s named as executor of the will, will become the legal representative of the matters moving forward.

2. Executor Of The Estate

Typically, the departed will specify who they are leaving in charge as executor of their estate. If one is not listed, the probate court will appoint one during the probate process. This will typically be the spouse or the child of the deceased. Whoever is named as the executor of the estate will become the legal representative in matters going forward.

3. Gathering of assets

As executor of the state will need to gather and identify all the assets of the diseased, both tangible and non tangible things need to be included. This includes vehicles, collectibles, bank accounts, stocks, bonds, and real estate, just are a few things. And in some cases, an appraiser will need to be utilized in order to determine the date of death, values of those assets left behind. The probate court will also require a list of all assets, the values, and how these values were determined. The fourth step, notifying the creditors. After someone passes away, the creditors will need to be notified. The creditors will then be able to make claims against the estate as needed. In most cases, the executor must publish a notice of death, alerting any creditors what they were previously unaware of. The creditors will have a limited amount of time to file a claim against the estate.

4. Notifying Creditors

After someone passes away, their creditors will need to be notified. The creditors will then be able to make claims against the estate as needed. In most states, the executor must publish a notice of death, alerting any creditors what they were previously unaware of. The creditors will have a limited amount of time to file a claim against the estate.

5. Paying the debts

The executor of the state must pay off any valid debts left behind by the deceased. This includes and creditors that have come forward with a claim as well as any final arrangement costs. There may also be medical bills and other outstanding items that need to be resolved before any of the assets are distributed. The probate court may also require the finds to be allocated in a separate account.

6. Handling the tax returns

The executor of the estate must file the personal tax returns for the deceased for the year in which they passed. This will also need to be included to pay any real estate taxes that are due within about nine months or so of the deceased passing away. In some cases, assets from the estate we need to be liquidated in order to cover these taxes, thus depleting the value of the assets that are being distributed to the heirs.

7. Distributing the assets

Once the heirs have been notified, assets accounted for, creditors informed, and the debt’s paid, the executor can distribute what is left of the assets as per the deceased’s will or trust once the probate court has given the okay. If any of the beneficiaries are minors, the executor would need to set up a trust until that minor is of age in which they can own the property on their own.

Dealing with the probate process can be time consuming, expensive and extremely stressful. By avoiding probate, by either selling your assets before you pass away or giving them away and making sure you have a will and trust is absolutely crucial. If you guys have any questions on this process, feel free to give us a call at (541) 780-2424 or jump onto our website at www.flipsharkz.com. That’s www.flipsharkz.com. And you can find out at the bottom. Scroll all the way down and we’d be happy to help you out and help you navigate through the probate process in Eugene.

What To Expect During The Probate Process In Eugene-Flip Sharkz
Video Transcription

Hey guys, this is Ed at Flip Sharkz. In today’s post, I want to talk about what to expect during the probate process in Eugene. The probate process can be long, frustrating and confusing. And in a post here I want to talk about what to expect during the probate process and dealing with a probate property in Eugene. If you find yourself in an unfortunate situation that you are the one that’s actually dealing with the probate property, you definitely have a lot on your hands. In dealing with the loss of a family member is hard enough, but settling their estate, handling the debts, managing the personal property is a giant undertaking. Every state has different rules we’ve got in this process so consulting a local attorney in your area is highly recommended.

Let’s review the seven basic steps of what to expect during the probate process here in Eugene.

 

1. Validating the will

If a will was left, it would need to be deemed valid by the probate court. The court will review the legitimacy and petition will be filed with the courts during the probate process. The probate process will occur where the deceased lived or own their property. The second step is executor of the estate. Typically, the departed will specify who they are leaving in charge as the executor of their estate. If one is not listed, the court will appoint one. This will typically be a spouse, a child, or a sibling of the deceased, so whoever’s named as executor of the will, will become the legal representative of the matters moving forward.

2. Executor Of The Estate

Typically, the departed will specify who they are leaving in charge as executor of their estate. If one is not listed, the court will appoint one. This will typically be the spouse or the child of the deceased. Whoever is named as the executor of the estate will become the legal representative in matters going forward.

3. Gathering of assets

As executor of the state will need to gather and identify all the assets of the diseased, both tangible and non tangible things need to be included. This includes vehicles, collectibles, bank accounts, stocks, bonds, and real estate, just are a few things. And in some cases, an appraiser will need to be utilized in order to determine the date of death, values of those assets left behind. The court will also require a list of all assets, the values, and how these values were determined. The fourth step, notifying the creditors. After someone passes away, the creditors will need to be notified. The creditors will then be able to make claims against the estate as needed. In most cases, the executor must publish a notice of death, alerting any creditors what they were previously unaware of. The creditors will have a limited amount of time to file a claim against the estate.

4. Notifying Creditors

After someone passes away, their creditors will need to be notified. The creditors will then be able to make claims against the estate as needed. In most states, the executor must publish a notice of death, alerting any creditors what they were previously unaware of. The creditors will have a limited amount of time to file a claim against the estate.

5. Paying the debts

The executor of the state must pay off any valid debts left behind by the deceased. This includes and creditors that have come forward with a claim as well as any final arrangement costs. There may also be medical bills and other outstanding items that need to be resolved before any of the assets are distributed.

6. Handling the tax returns

The executor of the estate must file the personal tax returns for the deceased for the year in which they passed. This will also need to be included to pay any real estate taxes that are due within about nine months or so of the deceased passing away. In some cases, assets from the estate we need to be liquidated in order to cover these taxes, thus depleting the value of the assets that are being distributed to the heirs.

7. Distributing the assets

Once the heirs have been notified, assets accounted for, creditors informed, and the debt’s paid, the executor can distribute what is left of the assets as per the deceased’s will and once the probate court has given the okay. If any of the beneficiaries are minors, the executor would need to set up a trust until that minor is of age in which they can own the property on their own.

Dealing with the probate process can be time consuming, expensive and extremely stressful. By avoiding probate, by either selling your assets before you pass away or giving them away and making sure you have a will is absolutely crucial. If you guys have any questions on this process, feel free to give us a call at (541) 780-2424 or jump onto our website at www.flipsharkz.com. That’s www.flipsharkz.com. And you can find out at the bottom. Scroll all the way down and we’d be happy to help you out and help you navigate through the probate process in Eugene.

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