When a person dies, their estate must be evaluated and their assets distributed. However, before the terms of their will can be carried out, the estate goes through probate. Learn more about probate law below to create an ideal estate plan.

What Is Probate?

Probate law is a means of verifying that a deceased individual's will is accurate and valid. In addition to taking inventory of the individual's assets, this process also involves paying estate taxes and any debt claims made against the estate. The terms of the will can't be carried out until these obligations have been satisfied, since this may require liquidating assets.

How Is the Value of the Estate Determined?

After the will is verified and read, the executor will take a thorough inventory of all of the decedent's assets, which can range from investment accounts to artwork. The executor must assign value to each financial statement, insurance policy, and piece of physical property, and the probate court must be provided with documentation to show how those values were calculated. If the decedent worked with estate planning attorneys, much of this work might already be included in the individual's legal documents.

How Are Debts & Taxes Paid Off?

The estate tax can be as high as 40% and must be paid promptly after an individual dies. While the government does provide a nine-month window, that time can go by quickly, and it may be necessary to sell off physical property to raise the required money. Although circumstances vary from case to case, probate attorneys can sometimes help minimize the amount your estate owes in taxes.

Additionally, creditors have the opportunity to file final claims for debts owed by the deceased. The executor is required to communicate with the decedent's creditors and reserves the right to contest any debt claims that may be false. If the executor does challenge a creditor's claims, the matter will go to court, and the probate judge will make a final determination.

Although probate laws can’t be avoided, there are ways to minimize the time an estate spends in this phase. Dyer & Rusbridge, P.C. in Canton, GA, has been practicing probate law and estate planning in Cherokee County for over 50 years, so they can help you protect your assets through a comprehensive plan. Discuss your estate planning needs with one of their attorneys by visiting their website or calling (770) 479-7418.