Additionally, a probate may either be a summary administration or a formal administration. A summary administration probate is an abbreviated version of the probate process. An estate may be eligible to complete a summary administration probate if the value of the estate does not exceed $75,000 or the decedent has been deceased for more than two years. If the estate does not qualify for a summary administration, a formal administration probate would be necessary.
The formal administration probate requires the court to appoint a personal representative, more commonly known as an executor. The personal representative is responsible for handling the affairs of the estate. Specifically, the personal representative must complete the following duties:
• Notify all interested parties.
• Gather all of the probate assets of the decedent.
• Prepare an inventory of the probate assets of the decedent.
• Notify the creditors of the decedent of their opportunity to make a claim.
• Satisfy the creditors’ claims.
• Prepare an accounting and distribute the funds to the beneficiaries.
• Request discharge of the fiduciary responsibilities.
These proceeds are complex and time consuming and it is therefore advantageous to seek the assistance of a knowledgeable and experienced probate attorney.
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