When a person has accumulated many assets during his or her lifetime, he or she will usually make a will. In the will he will specify who should get control of the assets after their death. The savings, investments, property and other assets of the individual who is deceased comprise the Decease estate. If the assets of a person are not very valuable, probate may not be required. On the other hand if a person is leaving behind substantial assets, the will can be implemented only after it has undergone a probate. This is a court supervised process to determine that the will of the deceased person is genuine.
The person who is making a will will usually specify the executor of the will in the will itself. The executor is usually a person who is known and trusted by the deceased person. Often lawyers are appointed as executors of the will. They will collect information about the assets of the deceased person including assets which may not be specified in the will. They will also arrange for the funeral, collect information of the debts if any, life insurance and file tax returns on behalf of the deceased. They will arrange for the probate of the will so that they can distribute the assets after receiving the grant of representation from the court.
In some cases, the deceased person will not specify any executor in the will, so the court will appoint the estate administrator, who will perform most of the functions of the executor of the will. Usually the estate administrator is the largest beneficiary of the deceased estate. The process of completing a probate of the will can vary from six months to two years depending on the will. After the probate process is completed, the executor of the will is usually allowed a period of one year to collect the information about the assets, funds available and distribute them to the beneficiaries.
The home of the deceased is usually the main asset. The moveable items in the home like the furniture, interior decor, appliances, jewellery and others can be sold through auciton (auction), if the heirs are not interested in any of these items. In the will, the deceased person may specify a beneficiary who will inherit the property or also indicate that the property should not be sold. In other cases, none of the beneficiaries are interested in inheriting the property, so unless it is explicitly prohibited in the will, the executor can sell the property and distribute the funds among the beneficiaries.