Month 1+
Estate basics, in plain English.
This is the section that makes people nervous. It doesn’t have to. Most estates are simpler than the word suggests. Here’s what you actually need to understand, and the moments when calling an attorney saves you money instead of costing it.
What an “estate” actually means.
The estate is everything the deceased owned at the moment of death: bank accounts, real estate, vehicles, retirement accounts, personal property, debts. It exists as a legal entity until the assets are distributed and the debts are paid, then it closes.
“Settling the estate” means doing that work: inventorying what’s there, paying what’s owed, and distributing what’s left according to the will (or state law, if there’s no will).
What a will does — and doesn’t.
A will is a written instruction for how to distribute assets that go through probate. It names an executor (the person who does the work) and, if there are minor children, guardians.
Things a will typically doesn’t control:
- Accounts with a named beneficiary (life insurance, 401(k), IRA, transfer-on-death bank accounts) — these go directly to the beneficiary, no probate.
- Jointly-owned property with right of survivorship (most married couples’ homes, joint bank accounts) — passes to the survivor automatically.
- Assets held in a trust — governed by the trust document, not the will.
This is why many families never go through probate at all: everything either had a beneficiary or was jointly owned.
Probate, in plain terms.
Probate is the court process for transferring assets that don’t have a beneficiary or joint owner. If the deceased owned a house solely in their name with no transfer-on-death deed, it probably has to go through probate.
What probate actually looks like:
- File the will (if any) with the county probate court, along with a petition to open the estate.
- The court confirms the executor (“issues letters testamentary”).
- The executor inventories assets, notifies creditors, pays debts and taxes, and distributes what’s left.
- Final accounting filed; court closes the estate.
Timeline: typically 6–12 months for a simple estate, longer if there’s real estate to sell or disputes between heirs. Many states have a “small estate” procedure (simplified probate) for estates under a dollar threshold — often $50,000–$150,000 depending on the state.
Being the executor, in practice.
If the will named you executor — or the court appoints you because there’s no will — your job is to administer the estate. Specifically:
- Secure assets (lock the house, safeguard valuables).
- Open an estate bank account for paying bills and collecting receivables.
- Inventory everything the deceased owned and owed.
- Notify creditors (some states publish a newspaper notice).
- Pay valid debts and taxes from estate funds.
- File the final income tax return (and, for larger estates, an estate tax return).
- Distribute remaining assets to heirs per the will or state law.
- File a final accounting with the probate court.
You’re not a volunteer. Executors can be paid a reasonable fee from the estate — many states set the rate in statute, usually 2–4% of the estate value.
When to call an estate attorney.
An attorney costs money. So does doing this wrong. Call one if any of these apply:
- Real estate in probate. Deed transfer, title insurance, and the court process are easier to get right the first time.
- The estate is “taxable” — at the federal level that’s above ~$13M (2026; subject to change), but some states impose estate or inheritance taxes at much lower thresholds.
- Disputes between heirs. As soon as one heir signals they may contest the will, get counsel — for yourself, not for the estate.
- A business or investment property. Valuation, transfer, and tax treatment are specialized work.
- Significant debts. An attorney can advise on whether to accept the executor role at all when the estate may be insolvent.
- A trust is involved. Trust administration is its own area and often requires specific filings.
Ask for a flat fee or a capped hourly estimate up front. Many estate attorneys offer a free initial consultation.
“Intestate” — but not chaos.
Every state has a default distribution plan for when someone dies without a will. Typically: to a surviving spouse and children in defined shares; then parents, siblings, and other relatives by degree.
Probate is still required, but the court applies state law instead of the will. If the family structure is straightforward, intestate estates often close as cleanly as testate ones — just with less flexibility in who receives what.
Things you can do now, without an attorney.
- Find the will (safe deposit box, home safe, attorney’s files, or electronic records).
- Locate recent bank, brokerage, and retirement statements — you’ll need them to inventory assets.
- Collect at least 5 certified death certificates to start (see the death-certificates page).
- Open an estate bank account at the deceased’s primary bank once you have letters from the probate court.
- Keep receipts for every estate expense — many are reimbursable or tax-deductible.
General consumer guidance only. Estate and probate law is state-specific and changes. Nothing on this page is legal or tax advice. For any estate with real property, business interests, material debts, or family conflict, consult a licensed attorney in your state before acting.