Disclaimer: This article provides a general overview of Utah estate administration. It does not constitute legal advice. Laws change over time, and each situation is unique. Consult a licensed attorney for guidance tailored to your circumstances.
Detailed Answer
When someone dies in Utah, their probate estate can include bank accounts, real property, investments, and personal belongings held in their name alone. To determine what remains after debts and fees, follow these steps:
- Identify and inventory probate assets. Utah Code § 75-3-705 requires the personal representative to file an inventory of all assets that pass through probate. Look for accounts, real estate, and personal property titled solely in the decedent’s name. Utah Code § 75-3-705.
- Value each asset as of the date of death. Use fair market value. Hire appraisers for real estate, vehicles, or valuable collectibles. Accurate valuations ensure creditors and beneficiaries receive appropriate amounts.
- List and pay valid debts and administrative expenses. Utah law allows payment of funeral costs, court fees, personal representative fees, and creditor claims.
- Administration expenses and fees: § 75-3-802.
- Order of payment for claims: § 75-3-803.
- Abatement when funds are insufficient: § 75-3-804.
- Calculate the net estate. Subtract the total of debts, taxes, and administration costs from the gross value of probate assets. The resulting figure is the net distributable estate.
- Distribute the remaining assets. If the decedent left a valid will, distribute according to its terms. Absent a will, follow Utah’s intestate succession rules under Utah Code § 75-3-1201. Beneficiaries receive their shares once all debts and fees are paid.
Helpful Hints
- Keep meticulous records of all asset values, invoices, and disbursements.
- Separate probate assets (solely titled) from non-probate assets (jointly held, payable-on-death, trusts).
- File creditor notices promptly and watch Utah’s claim deadlines (see Utah Code § 75-3-901).
- Consider professional appraisals for real property and high-value items to support valuations.
- Consult a probate attorney when the estate includes complex assets or contested claims.