The Probate Process EXPLAINED (And Common MISTAKES to Avoid)

Estate Professionals Mastermind - Probate and Senior Real Estate Podcast

Probate Process confusion doesn’t just slow you down...it stops client relationships before they even start.
👉 Families often believe probate is “finished” the moment Letters of Testamentary are issued.
👉 Agents are challenged on what to say or do next when objections pop up because they don’t fully understand the next steps.
👉 Investors walk away from deals simply because they don’t know where the estate stands in the process.
In this episode, Bruce walks you through the probate journey step by step...from the first petition to final distribution. You’ll see how it really works, the mistakes families and pros often make, and how you can guide families with better knowledge and confidence.
[[Disclaimer: This content covers the probate process in general terms. Specific rules can vary by state and situation. Always consult a qualified tax professional or estate attorney for guidance on your particular case.]]
02:05 What probate really looks like for an average client
04:47 Filing the petition & first court date (will vs. no will)
07:15 Appointment of the Personal Representative & Issuance of Letters Testamentary (what they actually mean), followed by setting up the estate as its own legal entity.
10:44 Notices & creditor deadlines
12:56 Inventory & valuation/appraisal (why step-up basis matters for taxes)
23:54 Financial management ( collect income owed to the estate , pay expenses , review and pay creditors , sell assets if necessary
26:39 Court Reporting ( including what the estate owed and money owed to the estate, what has been done , what has not been done, what are you gonna do next, what assets are left, what's been sold...etc )
28:17 Tax Obligations
29:23 The biggest mistakes families make when selling real estate in probate and why truly understanding the process gives you an edge to guide them better, especially when so many (even competitors) get it wrong.
👉🏼👉🏼👉🏼 KEY PROBATE STEPS (Through the POV of the Family Member or Executor)

→ STEP 1: APPLY FOR PROBATE
→ STEP 2: GO TO YOUR FIRST HEARING
→ STEP 3: SET UP THE ESTATE LEGALLY
→ STEP 4: PUBLISH A NOTICE TO CREDITORS
→ STEP 6: FINANCIAL MANAGEMENT
→ STEP 7: COURT REPORTING
→ STEP 8: TAX OBLIGATIONS
→ STEP 7: FINAL ACCOUNTING
→ STEP 8: DISTRIBUTION & CLOSING
Learn more at www.probatemastery.com