The process of administering a decedent’s estate is known as a probate process. The process involves a lot of steps that include calculating the death values of all the assets in the decedent’s estate and submitting a number of papers to the probate court. It also involves settling the outstanding bills and taxes of the decedent and retitling the remaining assets in the name of the beneficiaries.
Since it involves a lot of legal work, the whole probate process looks daunting. Hiring well-qualified and experienced probate lawyers in Melbourne will help the personal representatives and beneficiaries of the estate of the decedent to complete the probate process easily and on time.
The probate process involves four steps
- Filing a petition in probate court and giving a notice to the heirs and beneficiaries
The first step in the probate process starts with filing a petition with the probate court. Probate lawyers help in the process of filing the petition and giving notice to all the decedent’s heirs and beneficiaries. The notice is generally published in a newspapers so that all the parties know about the probate process.
- Giving notice to the creditors and taking inventory of the estate
The personal representative of the estate should take inventory of all the properties of the decedent. The properties include real estate, stocks, bonds, business interests and other assets. The personal representatives can hire probate lawyers in Melbourne to help them to take inventory and appraise all the properties of the deceased. The personal representative must also notify all the creditors of the estate so that any outstanding debts can be paid off.
- Paying all the outstanding debts and final bills
The next step is to pay all the final bills of the decedent like funeral expenses and outstanding taxes from the estate. The personal representative can hire probate lawyers in Melbourne to advise him in this matter. The experienced probate lawyers help the personal representative to identify legitimate creditors and pay off their outstanding debts by selling of the assets of the property.
- Transferring the legal titles of the assets in the estate
The final step is to distribute the remaining properties of the estate after clearing the outstanding debts and final bills among the beneficiaries of the will. The experienced probate lawyers in Melbourne help the personal representatives’ to distribute the remaining assets and retitle them in the names of the beneficiaries.