Disclaimer: This article provides general legal information and does not constitute legal advice. Consult a qualified attorney to address your specific situation.
Detailed Answer
1. Identify and Value Estate Assets
Begin by listing all property owned by the decedent at death. Common assets include bank accounts, real estate, investment accounts, vehicles, and personal belongings. Review deeds, account statements and titles to confirm ownership.
2. File an Inventory and Appraisal
The personal representative must file an inventory with the probate court within three months of appointment. This inventory must state each asset’s description and fair market value under RCW 11.36.150.
3. Notify Creditors and Pay Valid Claims
After publishing notice in a local newspaper, creditors have at least 60 days to submit claims. The personal representative reviews and pays valid claims—including medical bills, credit‐card debts and other obligations—pursuant to the priority rules in RCW 11.40.030.
4. Deduct Administration Expenses and Fees
Reasonable administration expenses, personal representative compensation and attorney fees are deductible. Compensation for the personal representative follows RCW 11.44.020. Court costs and attorney fees are set under RCW 11.96.010. All approved expenses reduce the gross estate.
5. Calculate the Net (Residuary) Estate
Subtract the total of valid creditor claims, administration costs and fees from the total asset value. The remaining property comprises the residuary estate. Those assets pass according to the will or, if there is no will, under Washington’s intestacy rules in RCW 11.04.
Helpful Hints
- Keep detailed records of every valuation, payment and receipt.
- Meet the 60‐day creditor claim deadline to avoid personal liability.
- Use professional appraisers for unique or high‐value assets.
- Retain copies of all court filings and notices published.
- Consider small-estate procedures (RCW 11.62) if the estate falls below statutory thresholds.