THE PROBATE PROCESS

When a person dies, his or her survivors must notify the Probate Court having jurisdiction within thirty days of the death. The Probate Court will appoint an Executor if the decedent left a Will, or an Administrator if there is no Will. The duties of the Executor or Administrator are identical:
Note: The Probate Court may require that the Executor provide a Fidelity Bond, which is an insurance policy in favor of the Estate to protect against the possibility of the Executor mishandling the funds. The cost of the Bond is paid by the Estate. The Executor s overall job is to collect all of the decedent s assets, pay all bills and applicable estate and income taxes for the estate, and make distributions to the beneficiaries according to the instructions in the Will or, if there is no valid Will, according to the laws of intestacy. The Executor has thirty days from the date of appointment to gather a list of the decedent s assets and present the Probate Court with an Inventory. They will conduct a diligent search for assets and will notify all actual or likely creditors.
The Executor will usually open a checking account in the Estate s name for consolidating all debits and credits for the estate. The Executor will generally obtain a Federal and State Taxpayer ID number for the Estate.
If there is real estate to dispose of, the Executor should get an appraisal and list the property with a Realtor. When there is an offer to buy, he must seek the approval of the Probate Court unless otherwise provided in the will. The Executor must file the Succession Tax Return, and pay the applicable tax within six months from the date of death.
If the Estate is subject to the Federal Estate Tax, the Executor must prepare and file the IRS Form 706 Estate Tax Return and make payment within nine months of the date of death. The Executor may be required to liquidate Estate assets to raise money for the tax.
When the taxes, debts and administrative expenses are finalized, the Executor files the Final Account with the Probate Court, showing all of the receipts and expenses of the Estate, and the proposed final distributions to the beneficiaries or heirs. We Buy Your Business has the resources to buy most estate assets outright for cash -- real estate, personal property, art and antiques, annuities, stocks, oil and gas royalties, businesses, commercial buildings, vacant land, automobiles, boats, mortgages or even intellectual property such as patents. We can liquidate estates with assets located in multiple states and turn them into cash within weeks. We are investors and probate problem solvers, not sales agents. Because we actually purchase estate assets rather than asking customers to list them with us, we save you time, paper work and sales commissions. Working with We Buy Your Business (WBYB) allows Estates to dispose of assets when the time is right and at reasonable prices. Once a Personal Representative has agreed to sell an asset, funds can be transferred within 48 hours. Contact WBYB at www.WeBuyYourBusiness.com



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