Probate
February 19, 2010
Probate Properties
Probate properties refer to real estate owned by a person who is deceased. Probate refers to the legal process used to verify property ownership and determine rightful heirs. If probate real estate is bequeathed through the decedent's last will, real estate transfer documents must be filed through the court. If no Will exists, the court must adhere to probate laws to determine who is entitled to inherit the property.
Probate properties can be held in probate for several months. All expenses associated with the property must be paid by the estate until probate settles. Costs might include mortgage payments, property taxes, homeowners insurance, homeowner association dues, and maintenance expenses such as lawn care or repairs.
Real Estate Investing article on "Probate Properties "
February 05, 2010
Probate Loan
A probate loan is not actually a loan. Instead, it is a cash advance provided to estate beneficiaries entitled to property held in the probate court system. Obtaining inheritance loans involves following certain protocol, submitting legal documents, and assigning inheritance rights to the funding source.
Probate loan providers assume substantial risk when accepting inheritance property as collateral for cash advances. Inheritance loans are repaid by the estate. It is not uncommon for estate administrators to sell probated assets to pay outstanding debts. Some estate planning experts claim less than 20-percent of heirs receive inheritance property held in probate.
Real Estate Investing article on "Probate Loan"
January 04, 2010
Personal Representative
Personal representative refers to a person who manages the estate of a deceased person. Estate administrators are appointed within decedent's last will and testament. If no Will exists, personal representatives are appointed by a probate judge.
A personal representative usually requires legal assistance from a probate or estate planning lawyer. Estate settlement must adhere to state probate laws and involves submitting various documents to the court. Few people are prepared to undergo the process of probate alone.
Real Estate Investing article on "Personal Representative"
December 28, 2009
Probate Proceeding
Probate proceeding refers to the process used to settle estates of people who have died. Probate is required within all 50 states and governed by the Uniform Probate Code. Each state handles probate differently and many have significantly altered UPC regulations. Estate administrators typically require services of an attorney or estate planner to assist with settling probated estates.
Probate proceeding letters testamentary are provided to the estate executor giving evidence they have authority to manage the estate. Some states engage in court supervised probate and require executors to obtain approval for all aspects of estate management. Other states engage in court confirmation and grant unsupervised authority; allowing the estate executor to manage the estate without making multiple court appearances.
Real Estate Investing article on "Probate Proceeding"
December 19, 2009
Heir
Heir is the term used to reference an individual entitled to inheritance property. Legal heirs can include surviving spouse, biological or adopted children, and direct lineage relatives such as mother, father, sister or brother.
Each heir should be listed within last will and testament along with specific inheritance property they will receive. When decedents elect to disinherit heirs they should include a disinheritance statement within their last will. This provides evidence to the probate court the decedent knew the heir was alive, but intentionally chose to leave them out of their Will.
Real Estate Investing article on "Heir"
November 16, 2009
Probate Money
Probate money refers to cash, coins, gold or currency gifted to beneficiaries through a decedent's last will and testament. Unless protected through a trust, inheritance money must be processed through probate before distribution can occur. Unfortunately, this process can extend for months or years.
Probate money can also refer to cash obtained through the sale of probated assets. Many aspects are involved with selling inheritance assets held in probate. Much depends on the type of asset and its value. Selling a business or piece of real estate requires considerably more effort than selling a valuable stamp or coin collection.
Real Estate Investing article on "Probate Money"
November 07, 2009
Estate
The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.
When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.
Real Estate Investing article on "Estate"
November 04, 2009
Wills Probate
Wills probate refers to a legal last will and testament executed by a person who had died. During probate, the last will must be validated and the estate settled before inheritance assets can be distributed to designated heirs.
An estate administrator is appointed in wills probate. This individual can be a spouse, family member, friend, attorney, estate planner or financial expert that specializes in handling probate cases.
Real Estate Investing article on "Wills Probate"
October 14, 2009
Estate Administrator
Estate administrator refers to a person appointed to manage the estate of a person who has died. Administrators are generally family members, a professional estate planner or probate attorney. When a family member is appointed to this position, they typically require assistance from a professional to ensure legal documents are properly filed through probate court.
An estate administrator has multiple duties. It is important to appoint someone capable of handing financial matters and able to make difficult decisions under stress. Administrators must be at least 18 years of age and never convicted of a felony. It is best to appoint an estate executor who resides in the same state as the decedent. However, this is not a necessary requirement.
Real Estate Investing article on "Estate Administrator"
October 10, 2009 | Comments: 1
Decedents
'Decedents' is a term used in legal documents to reference persons who have died. It is most commonly used in last wills, revocable trusts and irrevocable life insurance trusts. Wills and trusts are used to bequeath inheritance assets to beneficiaries.
Decedents can give their personal belongings, financial assets and real estate holdings to whomever they wish. Most individuals gift assets to their spouse, children or direct lineage relatives such as sisters, brothers, mother, father, nieces and nephews.
Real Estate Investing article on "Decedents "
October 04, 2009
Probate Litigation
Probate litigation refers to obtaining legal assistance to resolve conflict surrounding inheritance assets. Heirs or beneficiaries must retain the services of a probate attorney in order to contest the decedent's last will. Probate litigation is oftentimes required when decedents die intestate (without a Will).
Probate litigation can prolong the probate process for months or years. I know a woman whose stepfather passed away without executing a Will. Although single at the time of his death, four of his six ex-wives came forward to lay claim to his estate.
Real Estate Investing article on "Probate Litigation"
September 14, 2009
Will
Executing a legal Will is one of the greatest gifts you can leave your loved ones. A Will is used to express burial preferences and name beneficiaries to receive property and personal belongings. The Last Will and Testament gives you the opportunity to have the final say in the event of your death.
A Will is also used to appoint an estate administrator. Most often this person is a family member or close personal friend. Depending on the size and complexity of the estate, some people retain a professional estate planner or probate attorney to manage their estate. It is a good idea to use the services of a neutral third party if family strife exists.
Real Estate Investing article on "Will "
July 27, 2009
What is Probate
"What is probate?" is a question I hear on a regular basis. In a nutshell, probate is the legal process used when a person dies. A series of events occur to tie up loose ends and distribute inheritance assets to heirs or beneficiaries. Everything decedents own must be accounted for and outstanding bills and taxes paid before assets can be distributed.
Let's further probe the question of "what is probate?" Probating estates is required within all 50 states of the Union. Probate is governed by state law, but the process can be different within each county of the state. This non-uniform standard can create confusion; particularly, if the estate administrator resides in another state or county and is not familiar with probate laws.
Real Estate Investing article on "What is Probate"
July 03, 2009
Last Will and Testament
Executing a Last Will and Testament is a relatively simple and inexpensive process. A Will is used to bequeath inheritance to beneficiaries. There are many ways to draft a Will, but the most common is to utilize the services of a professional estate planner. Doing so can protect the Will from being contested in probate court.
The Last Will and Testament involves several elements. First, a probate executor is designated to handle estate-related affairs. Estate administrators are responsible for a variety of duties, so it is best to discuss this position with the person before naming them in the Will.
Real Estate Investing article on "Last Will and Testament"
June 11, 2009
Probate Wills
Probate wills are legal documents which detail information about a decedent's estate. A Will includes the name and contact information for the person who will be responsible for handling the estate, a list of assets owned by the decedent, and the individuals who will receive those assets.
Also known as the Last Will and Testament, probate wills are submitted to the local courthouse in the decedent's place of residence. Every Will must be validated to ensure it abides by probate laws and is legally-binding. Certain steps must be followed before distribution of assets can occur.
Real Estate Investing article on "Probate Wills"
June 07, 2009
Will Estate Planning
Will estate planning is an important aspect of life. Many people do not understand the consequences of failing to make preparations for death. Reality is no one makes it out alive. If you do not engage in estate planning, the responsibility will rest with your family. Worse yet, your estate management could be turned over to complete strangers!
Will estate planning involve executing legal documents which outline your final wishes. The Last Will and Testament is used to appoint an estate administrator who will oversee your estate. This person will have many duties to perform. They should be good with finances and able to make difficult decisions under stress
Real Estate Investing article on "Will Estate Planning"
May 30, 2009
Probate Courts
Probate courts were established over 200 years ago to handle legal matters governed by equity law. The primary difference between equity law and civil matters is that equity cases involve entering decrees which direct someone to act or refrain from acting.
Probate courts focus on life matters that do not involve monetary awards. The most common cases heard in probate courtrooms include inheritance, estates, trusts, guardianship and conservatorships. Probate laws vary by state, city and county. Most cases require the assistance of a probate attorney.
Real Estate Investing article on "Probate Courts"
May 24, 2009
Probated
The term, probated, refers to estates held in probate. This process is used to determine the value of assets owned by a person who has died and validate their last Will. An estate administrator is designated within the Will and is responsible for overseeing the estate and handling numerous duties.
Strategies exist to prevent estates from being probated. These measures must be taken prior to death. Most are quite simple and can be accomplished without the assistance of an estate planner. Others require the execution of legal documents and require the services of a probate attorney.
Real Estate Investing article on "Probated"
May 18, 2009
California Probate Attorney
A California probate attorney is generally required to handle estates of residents who have died. Probate is the legal process used to establish a value of the decedent's estate. It is also used to validate the decedent's Will or appoint an estate administrator if the decedent died intestate (without a Will).
Individuals can hire a California probate attorney to help establish estate planning or to assist them in settling an estate entered into probate. Many people procrastinate about estate planning; particularly when they are young and in good health. However, this is a huge mistake that could cause their family tremendous hardship.
Real Estate Investing article on "California Probate Attorney"
May 05, 2009
California Probate Lawyer
A California probate lawyer is an integral part of estate planning for residents of the Golden State. Probate is the legal process used to determine the value of estates and to properly distribute assets to heirs and beneficiaries. California probate code is complex; consisting of eleven divisions and hundreds of pages of legal jargon.
California probate lawyers specialize in helping individuals develop estate planning strategies. Some strategies can keep assets out of probate while others reduce or eliminate inheritance taxes. Probate attorneys can help individuals establish payable-on-death and transfer-on-death beneficiaries for investment and banking accounts, automobiles, motorcycles, boats, recreational vehicles, real estate holdings and businesses.
Real Estate Investing article on "California Probate Lawyer"
April 30, 2009
Administrator
An Administrator must be appointed to oversee the estate of a person who has died. Designation can occur by naming the individual in a legal Will or trust. If no estate planning occurs prior to death, everything the decedent owns is transferred to probate. During this process, a judge will appoint an Administrator. This could be a relative, friend or outsider such as an attorney or professional estate planner.
The Administrator generally works with a probate attorney to ensure all documents are properly filed. When the decedent's estate is held in probate, the estate executor must present a copy of the death certificate to the court and legally record the death. Trusts do not pass through probate and follow a different protocol. Trusts are generally handled by the estate planning service that established the trust.
Real Estate Investing article on "Administrator"
March 29, 2009
Will Executor
A Will executor refers to a person that has been legally designated to oversee the estate of a person who has died. There are several names for a will executor including estate administrator, probate personal representative, estate executor, probate administrator and estate agent.
Regardless of the title, a will executor must be appointed through the decedent's last will and testament or by a probate judge. Nearly every estate must pass through probate prior to distribution of assets
Real Estate Investing article on "Will Executor"
March 23, 2009
How to Avoid Probate
Understanding how to avoid probate can save your estate thousands of dollars and endless hours of time. Many people do not realize that the probate process takes an average of three years to complete. During this time assets depreciate in value while attorney fees escalate.
The following tips reveal how to avoid probate strategies which can easily be implemented at little or no charge.
Real Estate Investing article on "How to Avoid Probate"
March 21, 2009
Probate Personal Representative
A probate personal representative is responsible for overseeing administration of an estate held in probate. When a person dies everything they own is transferred to probate and held until the estate is closed. During probate the personal representative must obtain property appraisals, pay outstanding debts and distribute assets to designated beneficiaries.
The position of probate personal representative requires good money management skills and the ability to mediate with family should disputes arise. Individuals appointed to this position must be at least 18 years of age and never convicted of felony offenses.
Real Estate Investing article on "Probate Personal Representative"
March 19, 2009
Probate Liquidators
Probate liquidators refer to companies that purchase assets held in probate. This can be a valuable service for estate executors because it allows them to sell assets for cash. This money is used to pay off outstanding debts associated with the estate and allows for ease of distribution to creditors and intended beneficiaries.
The sooner assets are sold to probate liquidators, the better. Estate assets are held in probate for an average of three years. During this time assets depreciate, while attorney fees and probate costs escalate. By selling probate assets at the onset of probate, the estate receives more money and can reduce the duration of the probate process.
Real Estate Investing article on "Probate Liquidators"
February 19, 2009
Probate Estate
Probate estate is a term used to describe assets belonging to a person who has died. Probate is the legal process used to determine rightful heirs and establish a value for financial and real estate holdings. Everything the person owned must be transferred to the probate court before distribution to heirs can occur.
The process for transferring probate estate assets typically lasts several months. Much depends on the size and value of the estate. If the decedent established estate planning the estate can pass through probate relatively quickly. However, if the decedent died without executing a last will and testament, the process will take longer
Real Estate Investing article on "Probate Estate"
February 13, 2009
Probate Process
The probate process is used to validate a person's Last Will and Testament; pay outstanding debts; and distribute estate assets to beneficiaries. When a person dies intestate (without a Will), the probate process can be prolonged while heirs are located and notified of the decedent's death.
The duration of probate process depends upon the complexity of the estate and behavior of heirs and beneficiaries. Heirs are direct lineage relatives, while beneficiaries can be anyone. Heirs are automatically entitled to assets unless the decedent specifically disinherits entitled relatives within their Will. If heirs contest the Will, the probate process can be prolonged for months or even years.
Real Estate Investing article on "Probate Process"
February 08, 2009
Probate Cash
Probate cash refers to money obtained from a funding source using probate assets as collateral. Probate assets include financial and real estate holdings left to beneficiaries through a Last Will and Testament. In order to obtain cash in exchange for probate inheritance, a series of events must occur.
Probate cash is available through either inheritance cash funding companies or private investors, such as Simon Volkov. These entities or individuals are referred to as the Funding Source. When a funding source provides probate cash, they assume a considerable amount of risk.
Real Estate Investing article on "Probate Cash"
February 01, 2009
Wills and Probate
Wills and probate are two crucial elements of estate planning. Wills are legal documents which outline distribution of assets to designated beneficiaries. Probate is the legal process used to ensure the decedent's wishes are followed and adhere to probate laws.
The validation of will and probate process generally takes six to nine months. During this time, the designated Estate Administrator named in the Will, works with either the estate planning attorney or probate lawyer retained by the decedent. The Administrator is responsible for organizing documents, handling financial matters, contacting creditors and inventorying all estate assets
Real Estate Investing article on "Wills and Probate"
January 25, 2009
Estate Planning
Estate planning is important regardless of your age, income, assets or health. Many people procrastinate about planning for the distribution of assets in the event of their death. Some people feel they don't have enough money or personal belongings to justify executing a Will. Others think they are too young or in too good of health to start planning for their death. However, estate planning involves more than deciding who you want to inherit your belongings when you die.
At minimum, estate planning requires executing basic legal documents to protect your loved ones. Everyone should draft a Last Will and Testament; Power of Attorney; and Living Will or Healthcare Proxy.
Real Estate Investing article on "Estate Planning"
January 20, 2009
Florida Probate Lawyer
A Florida probate lawyer handles estates of Florida residents who are deceased. Probate is the legal process used to inventory, appraise and distribute assets and financial holdings owned by decedents. Nearly all Florida estates must undergo the probate process unless they have established a revocable or irrevocable trust.
When possible, it is best to hire a Florida probate lawyer long before you need their services. Probate lawyers can assist with estate planning and utilize techniques which allow people to keep certain assets out of probate or avoid the probate process altogether
Real Estate Investing article on "Florida Probate Lawyer"
January 15, 2009
Estate Planning Lawyer
An estate planning lawyer specializes in helping people create a plan to protect their assets. Estate planning involves executing legal documents such as trusts and wills; designating beneficiaries and the assets they will inherit; and appointing estate administrators to oversee your estate.
An estate planning lawyer can also ssist in executing a Durable Power of Attorney and Healthcare Proxy; establish guardianship for minor children; and designate payable-on-death and transfer-on-death beneficiaries to transfer real estate, financial holdings, and other valuable assets.
Real Estate Investing article on "Estate Planning Lawyer"
January 10, 2009
Estate Planning Probate
Estate planning probate is a technique used to document your final wishes in the event of your death. Many people procrastinate about estate planning; particularly when they enjoy good health and are living an active lifestyle. However, death has a tendency to strike unannounced. Inadequate planning can create a tremendous financial burden for your loved ones should you die unexpectedly.
Estate planning probate usually requires the assistance of a qualified probate attorney. This type of lawyer is adept at estate planning and can help keep many of your assets out of probate. It is important to realize that everything you own must be transferred to probate in order to ensure your wishes are adhered to and rightful heirs inherit your belongings
Real Estate Investing article on "Estate Planning Probate"
December 11, 2008
Probate Attorney
A probate attorney is a lawyer who specializes in estates held in probate. Probate is the process used to validate a decedent's Last Will and Testament, inventory assets, and distribute financial holdings, real estate, and personal belongings to beneficiaries.
Most people require the services of a Transactional probate attorney. This type of lawyer is best suited to handle estate administration duties. Transactional probate lawyers will open the probate case and present the original Will to the probate court. They will provide assistance to the appointed Estate Administrator and ensure appropriate legal documents are filed in a timely fashion.
Real Estate Investing article on "Probate Attorney "
November 21, 2008
Estate Planning Attorney
Hiring an estate planning attorney is a crucial part of developing a plan for what happens to your assets and personal belongings in the event of your death. When people die without executing a Last Will and Testament or arranging a living trust, everything they own is placed into probate.
An estate planning attorney can help you avoid probate by implementing irrevocable life insurance trusts, living trusts, and assigning payable-on-death and transfer-on-death beneficiaries. The probate process can take several months to several years to settle. Without implementing estate planning procedures, all your worldly possessions will be distributed to heirs according to probate laws.
Real Estate Investing article on "Estate Planning Attorney "
October 23, 2008 | Comments: 1
Beneficiaries
Beneficiaries refer to people who are entitled to assets owned by a person who has died. Beneficiaries typically include spouses, children, and direct lineage heirs such as sisters and brothers. Organizations such as charities or educational institutions can also be designated beneficiaries.
Anyone can be named as beneficiaries on property titles to real estate, automobiles, recreational vehicles, motor crafts and financial holdings such as bank accounts, retirement accounts and life insurance policies.
Real Estate Investing article on "Beneficiaries"
September 24, 2008
Probate Inheritance Assets for Beneficiaries will be Taxed Nine Months from Recorded Death.
Probate inheritance includes all assets owned by a person who has died. Assets can include real estate holdings, life insurance policies, financial portfolios, automobiles, recreational vehicles, jewelry, household belongings and other valuables.
Probate inheritance is held in probate court to ensure directives outlined in the decedent's Last Will and Testament are followed. Additionally, all outstanding debts must be paid prior to distributing probate inheritance assets to entitled heirs.
Real Estate Investing article on "Probate Inheritance "
September 19, 2008
Probate Executor Large Administrator Duties for Probate Court Attorney.
A probate executor is also referred to as the estate administrator or estate executor. Probate executors are responsible for settling the estate of a person who has died. If the decedent executed a Last Will and Testament, the probate executor is required to adhere to the declarations outlined in the document. If the decedent dies intestate (without a Will), the probate executor must adhere to policies of the probate court.
The probate executor has multiple duties including handling the decedent's financial affairs and distributing their assets to heirs. If the decedent's estate is small (valued under $25,000) and does not involve real estate or financial holdings, the executor might be able to administer the estate without the assistance of a probate attorney
Real Estate Investing article on "Probate Executor "
September 08, 2008
Probate Real Estate Investing Expert Simon Volkov
Probate real estate investing involves buying property from estates held in probate. When someone dies, all of their worldly belongings are transferred to probate. An estate executor oversees the decedent's estate until all financial transactions are completed. In some cases, probate can take several years to settle; leaving beneficiaries with a heavy financial burden.
Probate real estate investing requires a visit to the local courthouse and a bit of detective work. Investors can locate potential real estate deals by searching probate records and reading the decedent's Last Will and Testament. Wills are a matter of public record and can be viewed by anyone who is interested. The exception to this rule is when a Revocable Living Trust is executed.
Real Estate Investing article on "Probate Real Estate Investing "
August 17, 2008 | Comments: 1
Probate Lawyers and Estate Laws
Probate lawyers specialize in estate laws. They are typically retained to handle distribution of assets and file legal documents for a person who has died. In most instances, people needing the services of a probate lawyer will want to retain a Transactional probate lawyer. However, if conflicts arise within the family or when claims are filed against the decedent's estate, a Probate Litigator may be required.
Transactional probate lawyers handle estate administration duties. If the decedent has executed a Last Will and Testament, transactional probate lawyers will file a copy of the original Will at the local courthouse in the county where the decedent resided. If the decedent dies intestate (without leaving a Will), transactional probate lawyers will appoint an Estate Administrator and assist them in matters regarding the estate.
Real Estate Investing article on "Probate Lawyers "
August 14, 2008
Probate Real Estate Administrator Incharge of Selling the Estate
Probate real estate is property that belongs to heirs, but cannot be released because it is in the process of probate. Probate occurs when a person dies without a Revocable Living Trust or Last Will and Testament. Even when a person executes a Will and Testament, real estate and other assets can be held in probate for several months or years.
When heirs need or want to sell probate real estate, the Estate Administrator is required to petition the probate court. If multiple heirs are entitled to probate real estate, they must all agree to sell the property and sign consensual contracts.
Real Estate Investing article on "Probate Real Estate "
July 30, 2008 | Comments: 1
Probate: A Difficult time to Deal with Heirs and the Estate
Probate is the legal process used to transfer property, real estate, personal belongings and bank account holdings. Depending on the size of the decedent's estate and family dynamics, probate can tie assets up in the court system for six months to three years. If family disputes arise, legal fees can end up costing more than the estate is worth.
Part of the problem with probate is that it involves government agencies and attorneys. When someone dies it is almost guaranteed that many people will want to stick their fingers in the inheritance pie.
Real Estate Investing article on "Probate: A Difficult time to Deal with Heirs and the Estate"
May 02, 2008
Probate Court
Probate court refers to a specialty court which primarily tends to matters regarding the estate of a deceased person. Depending on the state and jurisdiction of this type of court, it may also be referred to as Orphans Court, Court of Ordinary, Court of Equity or Surrogate Court.
The main function of Probate court is to ensure assets of a deceased individual are properly disbursed. A probate judge oversees the decedent's estate to enforce provisions of the Last Will and Testament. If an individual dies without leaving a Will, (referred to as Intestate) the probate judge will assign an Executor to administer the estate.
Real Estate Investing article on "Probate Court"
April 27, 2008 | Comments: 5
California Probate Realestate
California probate realestate is one of the biggest untapped real estate markets in the United States. Oftentimes probate houses can be purchased for pennies on the dollar because Estate Executors don't have the time or money to deal with them.
Estate Executors of California probate realestate frequently sell the property for less than it is worth. This is particularly true if the estate executor resides out of town or in another state. Selling the probate real estate can save them a tremendous amount of money in travel expenses, legal fees and other costs associated with settling the decedent's estate.
Real Estate Investing article on "California Probate Realestate"
January 19, 2008
How to Avoid Probate
Most people would agree probate is a process you don't ever want to deal with. It's time-consuming, costs money, can lead to conflict within the family and create all kinds of ugly scenarios. The purpose of probate is to ensure the decedent's wishes are met by proper distribution of assets and resolve creditor claims, tax liens, etc., if they exist. The process can take months, even years, to complete.
The main reason probate takes so long is due to the fact that considerable clerical work is involved. Facts and figures must be checked, creditors must be paid and tax forms need to be filed. Many probate court systems are understaffed and overloaded with probate cases. Even if all family members agree and there are no creditors involved, probate typically takes a minimum of six months.
