The Probate Process

The executor is an individual or financial institution nominated to execute and carry out the terms of the will. The executor has a fiduciary duty to use care while carrying out the terms of the will, to preserve the assets of the estate, and to carry out the proceedings with reasonable speed. While the executor may be paid a fee from the estate for this service, the executor also may be personally liable for any loss in the value of estate assets during the estate settlement.
If the executor has questions during the probate proceeding, he or she may consult with the probate court. However, the Connecticut Supreme Court has found that executors are liable for the decisions they make even if they relied on advice from the probate court, unless they were following an official order of the probate court.

File will within 30 days of decedent’s death
Secure and control the estate assets
Real estate notice
Inventory
Payment of claims and expenses of the estate
Claims against the estate
Payment of estate taxes and filing of tax returns
The final accounting
Distribution to beneficiaries
The closing statement

File will within 30 days of decedent’s death.

The custodian of the will or the executor must collect the will and any amendments to the will, called “codicils.” Any person who has custody of a decedent’s will must deliver it to the executor or the probate court within 30 days of the death of the decedent. The purpose of this rule is to expedite the start of the probate process.

The executor must submit any wills and codicils to the probate court. Along with the will, the executor must submit an application for administration, which must include the names and addresses of the decedent’s immediate family members and those persons who are named as beneficiaries in the will. (Note: Only those people who are named as beneficiaries will inherit from a will. If the decedent dies without a will, his or her property passes to immediate family members, his or her “heirs,” through the law of intestacy).

At the hearing on the admission of the will to probate, the probate court will determine whether a will is valid. Usually a court hearing is required, but if the people who are entitled to notice of the hearing have waived this right, and the court believes a hearing is unnecessary, then the court will enter a decree finding that the will is valid. If any interested party wishes to challenge the will, or if the court decides that a hearing is necessary, a formal hearing will be scheduled.
Once the court determines that the will is valid, it will appoint the executor, usually the person nominated as the executor in the will.

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Secure and control the estate assets.

The fiduciary of an estate should secure and collect all of the assets of the decedent and take control of them by placing them into an account in the estate’s name. Any bank accounts or other types of accounts should be transferred into the name of the estate or closed, depending on whether or not they will remain in use.

If the decedent left a home or building of any type, it should be safeguarded and secured. The fiduciary must maintain the proper fire, homeowners and/or liability insurance on the dwelling(s).

In addition, if the decedent owned stocks, bonds, or mutual funds, these investments must be managed with care. The investments should be prudent and conservative since the fiduciary could be personally liable for any mutual fund losses or losses on stocks and bonds sustained during the estate administration. The fiduciary is advised to seek the advice of a financial advisor.

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Real estate notice.

If the decedent had solely owned real estate in Connecticut, the fiduciary must file a certificate of notice for land records with the town clerk where the real estate is located. The fiduciary must properly maintain the utilities, furnaces, and appliances of any buildings that the decedent owned in order to prevent damage to the premises. For example, the heat must be kept on to prevent the pipes from freezing in the winter and the sidewalks must be cleared from snow.

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The inventory.

After the property is collected and secured and the appraisal is obtained by the fiduciary, the inventory must be prepared by itemizing the assets and their respective values. Each asset is valued at its fair market value at the date of death. Mortgages owed by the decedent should be listed on the inventory, along with the name of the mortgagee to whom the debt is owed.

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Payment of claims and expenses of the estate.

During the administration of the estate, debts and expenses must be paid out of the estate. These include funeral and burial expenses, taxes, and other claims. The fiduciary should estimate these costs in advance. A surviving spouse or dependent may apply to the probate court for a support allowance to be paid out of the estate. The decedent’s car may be used by the spouse or family so long as it was used as a family car during the decedent’s lifetime.

If cash is unavailable, the fiduciary may have to liquidate some assets. If real estate is to be sold, the fiduciary must obtain permission from the probate court, unless the will specifically authorizes the fiduciary to do so. If personal property is to be sold, no permission is needed from the court. However, if the fiduciary is not a family member, then he or she must forward a copy of the inventory to all interested parties with a notice of intent to sell personal property.

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Claims against the estate.

Within 14 days after the probate process begins, the court will publish in a local newspaper a notice to creditors of the decedent, directing them to file any claims promptly, and giving the fiduciary’s name and address. The fiduciary must send notification of the decedent’s death by certified mail to any creditors the fiduciary believes may have a claim against the estate. If claims are filed, the fiduciary shall determine whether or not they are valid, and seek the court’s assistance if necessary.

Claims against the estate are paid in order of preference. Preferred expenses include taxes, funeral costs, and medical bills from the last illness of the decedent. Only after these expenses are paid can the estate’s assets be used to pay creditors. If the decedent leaves behind a spouse, then that spouse may be liable to the creditors. If the estate is not large enough to settle all claims against it, the court will declare it insolvent, and a different settlement procedure will commence.

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Payment of estate taxes and filing of tax returns.

Within six months of the decedent’s death, the fiduciary must file with the court the Form S-1 or S-2 State of Connecticut Succession Tax Return. Any taxes due should be mailed to the Department of Revenue Services. A Federal Estate Tax Return Form 706 must also be filed if the total value of the estate exceeds the minimum requirement. Whenever this federal form is filed, Form CT-706, the Connecticut Estate Tax must also be filed. Finally, the fiduciary must file the decedent’s last income tax return, and pay any income tax owed.

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The final accounting.

After the estate has paid all taxes, debts, and expenses, the fiduciary must file a final account. The final accounting will state the assets as of the date of death, all income earned or collected by the estate; all debts, taxes, fees, and probate court costs paid by the estate and the remaining assets to be distributed. The probate court will hold a hearing on the final account, unless all interested parties sign an acceptance and waiver that waives their right to a hearing.

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Distribution to beneficiaries.

The court will order the executor to distribute the assets of the estate to the beneficiaries according to the terms of the will after the final account has been approved. If the decedent died intestate, assets will be distributed according to the Connecticut law of intestacy.

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The closing statement.

The fiduciary’s final act is the filing of a closing statement with the probate court, which must be done within 30 days of the court’s decree on the final account. If any person wishes to appeal the probate court’s decisions, an appeal may be filed in the superior court within 30 days of the date of the final account decree.

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