What to Include in a Probate Petition
Probate petition is the legal process through which an estate is transferred after a property owner has died. After a property owner dies, the court appoints an attorney if there is no will to administer the process of probate petition. The process calls for gathering all assets, paying off debts, and distributing the remaining assets to the beneficiaries. Once a property owner has died, you will need to register his death and get a copy of his death certificate. Before you start probate petition, you will need to register the death of the asset owner. If a possible relative is usually needed to register the death, another person can do this in some circumstances. The documents needed will be, medical certificate of the cause of death, birth certificate, marriage certificate, or civil partnership certificate. These documents are essential since they help in facilitating the entire process and to avoid theft.
Finding out if there is a will is also needed in this process. Before anything else, find out if the deceased had written a will. If there is a will as soon as the person has died, it might also include things like funeral plans. The will is necessary because it says who the executor is. It also shows how the assets will be distributed. If the will doesn’t name the executor, any relative to the deceased named as a beneficiary can apply to the probate petition registry to act as a distributor instead. The executor will need to apply for a grant of probate petition and sort inheritance tax. The executor will need to get a probate petition application form and an inheritance tax form to get a grant. After the forms have been filled, they are sent to the local probate petition registry.
You will also need to tell all the deceased organizations had a relationship with including government bodies, financial and utility companies. This is done to close accounts, get back money from the bank and pay off debts. Debts will also need to be paid. If the deceased had taken up loans, mortgages, commercial debts, credit, and store cards. The debts will be paid if the deceased had money left. Claim on any life insurance plans. If the deceased had any life insurance plan, call the provider and let them know of the insured person’s death. The provider will need to pay the family a lump sum for the insured person. This ensures that the family do not run losses from their property.
Know the estate’s value. You will need to know the value of the deceased assets once the taxes and debts have been paid. Assets such as money in financial institutions, land, property, businesses, and personal items are some of the assets needed to value an estate. Sharing out of the remaining assets. Once all the above steps have been made, the remaining assets will be shared with the beneficiaries. If there were a will, the assets would be given to the person named on the testament. If there was no testament, the beneficiaries might decide how to share their remaining assets.