What You Should Know About Probate
by: Legal Services of the Virgin Islands, Inc.-STX
WHAT YOU SHOULD KNOW ABOUT PROBATE
WHAT IS PROBATE?
Probate is a legal term that refers to the process by which a person's estate (property) is distributed among his or her heirs upon their death. The way a person's property is distributed depends on whether that person dies testate or intestate.
A person dies testate if they have a valid will in effect at the time of their death. A will is a legal document that sets forth a person's wishes as to how their property should be distributed upon their death.
A person dies intestate if at the time of their death, they do not have a valid will in effect. In instances such of these, property is distributed according to the Virgin Islands laws that governed probate.
WHY IS PROBATE NECESSARY?
Probate is necessary to protect the assets of the decedent for their heirs, creditors, and other persons due money from the castle, and to insure the collection of money due the estate. Probate provides for the payment of outstanding debts and taxes as well as the expenses of administration and distribution of the estate to the heirs.
PROBATE OF ESTATES
Whether or not a person dies with a will, their estate must be probated in order to legally transfer property. Probate is initiated by filing a petition with the Territorial Court requesting that the court supervise the administration of the estate. Once all the legal requirements are met, the court will issue an order that states how a person's property will be distributed.
If a person dies with a will, there is usually a person named in the will who is called an executor. That person conducts the administration of the estate. The executor takes care of the following task:
1) Caring for all property of the decedent.
2) Receiving payments due the estate.
3) Collecting all debts due the estate.
4) Determine the names, ages, residences, and degree of relationship of all heirs.
5) Investigating the validity of all claims made against the estate.
These actions require the preparation and filing of numerous legal documents, the publication of notices, hearings in court, an appraisal of the assets of the estate, an inventory of the assets, an accounting of fund, final transfer of all assets to heirs, and termination of probate proceedings. Because of the complexity of these proceedings, the assistance of an attorney is usually necessary.
Prepared by:
Legal Services of the Virgin Islands, Inc.
3017 Estate Orange Grove
Christiansted, St. Croix
U.S. Virgin Islands 00820
Tel: (340) 773-2626
57 Dronnigens Gade
Charlotte Amalie, St. Thomas
U.S. Virgin Islands 00801
Tel: (340) 774-6720
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