Disclaimer: This article does not constitute legal advice. Consult an attorney for guidance tailored to your situation.
Detailed Answer
- Secure Appointment: Under 72-3-502, MCA, file a petition to appoint a personal representative. The court issues letters of administration or testamentary. These letters authorize you to act on behalf of the estate.
- Identify and Locate Assets: Review the decedent’s records—bank statements, deeds, vehicle titles, insurance policies and digital accounts. Check mail, safe deposit boxes and notify financial institutions to uncover hidden assets.
- Inventory and Appraisal: Within three months of appointment, prepare an inventory and appraisal of all estate property. 72-3-711, MCA requires filing this document with the probate court, listing each asset and its fair market value at the date of death.
- Notify Creditors: Montana law mandates notice to creditors under 72-3-802, MCA. Publish a notice in a newspaper qualified by the court and send written notice to known creditors. This gives most creditors four months to file claims.
- Review and Pay Claims: Creditors must file valid claims within four months after publication or six months after appointment, per 72-3-803, MCA. Approve legitimate claims, resolve disputes and pay debts in the priority order specified by law.
- File Accountings: Maintain detailed records of all receipts and disbursements. Under 72-3-809, MCA, submit interim and final accountings to the court. The court reviews them before approving distribution.
- Distribute Remaining Assets: After debts and expenses, distribute assets according to the decedent’s will or Montana’s intestacy rules. See 72-3-813, MCA. The statute outlines distribution order and share percentages for heirs.
- Close the Estate: File a petition for final discharge. Once the court approves your accountings and distribution plan, it will issue an order closing the estate and releasing you from further liability.
Helpful Hints
- Keep copies of all filings, appraisals and notices.
- Track deadlines carefully to avoid personal liability.
- Communicate regularly with beneficiaries to manage expectations.
- Consider hiring professional appraisers for high-value assets.
- Review the will and Montana intestacy statutes to confirm beneficiaries’ shares.