The probate process typically starts within 30 days of death and ends after the estate is settled. The steps in between include filing a petition for probate with the court in the country where the deceased resided, after which a hearing date is set. The court issues Letters of Administration, and a notice of probate must be published in the local newspaper.
Notice of probate is given to all creditors, and the Personal Representative appointed by the court will prepare an inventory of the value of all assets. A personal income tax return is prepared and filed for the estate.
Once the estate is inventoried and liquidated, the court determines who is to receive the assets of the estate. The Personal Representative petitions the court for permission to distribute the and files a report with receipts. The court reviews the handling the estate to ensure it has been appropriately handled and the Personal Representative is released from further responsibilities.
The Personal Representative is typically named in the decedents will and appointed by the court. If there is no will, then next of kin can petition the court to act as Administrator the Estate. Next of kin includes the decedent’s spouse, children, or parents. However, other relatives and even creditors can petition to be Administrator of the Estate. If any dispute arises as to who should represent and administer the estate, the court will decide based on the rules established in the California & Oregon Probate Code.
Probate has often been one area of real estate that many professionals avoid, making it was of the least competitive areas in the industry. Too