Determining the value of a deceased estate is not a simple process. It takes time and consideration, and one that should not be taken lightly. The reason for this is that the value of a deceased estate will ultimately depend upon the fact that there was a judgment on the estate or it was part of a decedent’s trust property. Usually, there will be an inventory certificate that shows all the property and assets owned. This is what the estate executor will use to determine the value of the deceased estate.
When a person dies, there are two possible outcomes: they could be survived by one or both estate assets (the decedent’s will), or they could survive without any investments (paralegal fees would be an excellent example of a non-equitable situation). If the person dies without one or the other, then the executor is required to make an inventory of the decedent’s property and assets. This inventory must be made according to the directions of the court and the state intestate law. There may also be stipulations on what the legal personal representative must do and not do when the inventory is being made.
The first step in this process is for the probate court to issue an order called a Probate Executor’s Certification. This certification informs the probate court that the Williams-Legal deceased estates have been established and have authority over them. The probate court then uses its inherent power to carry out the wishes contained in the certificate. In many cases, this certification is proof that the individual died intestate, meaning that making the inventory of the estate has failed. If this is the case, then the probate court will require that the executor pay back the funds from the dead person’s inheritance right to the beneficiaries of the estate, or it will appoint a person to serve as a personal representative until all debts have been fulfilled, and the remainder of the estate is dispersed among the beneficiaries.
Once the paperwork has been completed, the next step is for the beneficiaries of the deceased estates to come up with a financial assessment of their inheritances. The personal representative appointed by the court then estimates the value of the assets and their net worth. The court determines which of the Williams-Legal deceased estates should go to the estate administrators. If the court approves the allocation, the state trustee will redistribute the funds from the remaining assets to the named beneficiaries.
In cases where there are no living beneficiaries, the state will allocate the remaining assets to the surviving spouse or other designated beneficiary. Under most circumstances, the surviving spouse or other designated beneficiary is entitled to a large portion of the deceased estates’ assets. A typical decision, in this case, is a distribution plan that involves the allocation of the Williams-Legal deceased estates to one or more specified charities. Another option is a trust that combines the assets into one general account owned by the surviving spouse or another beneficiary.