What is probate and how does it work?
Probate is the legal process of distributing the assets of a deceased person’s estate. In Alaska, the probate process begins when a will is presented to the probate court. The probate court will then review the will and assign an executor to manage and distribute the assets. The executor is typically specified in the will, but if there is no will, the court will appoint an administrator to manage the estate. It is the executor or administrator’s duty to identify and compile a list of all of the deceased person’s assets and to pay out any outstanding debts. They must also locate and contact any heirs. Once all assets have been identified, appraised, and debts paid, the executor or administrator will begin to distribute the remaining assets according to the deceased persons wishes as stated in the will or according to Alaska law. Assets can be given in cash or inkind, such as real estate. The probate court will then review and approve this distribution before the estate is considered closed. It is important to note that some property may not be subject to probate and may pass directly to the heirs outside of the probate process. Probate is a complicated and time consuming process. It is important to consult with a lawyer or other legal professional to ensure that the process is done correctly and that the deceased person’s wishes are respected.
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