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17 Tag Results
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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"
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"
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"
January 18, 2009
Inheritance Money
Inheritance money refers to cash and financial holdings gifted to heirs through a Will, trust or probate. When money and valuable assets are inherited, they must be processed through the court system to ensure the estate is distributed according to probate laws. An exception to this rule is when inheritance money is protected through trusts.
During probate, inheritance money is generally transferred to an estate bank account. All assets owned by the decedent must be inventoried and appraised. Financial accounts are frozen to ensure outstanding debts, taxes, liens and judgments are paid. Upon approval from the judge, final distribution can be made to named beneficiaries
Real Estate Investing article on "Inheritance Money"
August 17, 2008
Probate Lawyers
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 "
July 26, 2008
Heir Apparent is Next in Line
Heir apparent refers to direct lineage descendents of a person who holds real estate, financial assets and valuable personal property. As long as the heir apparent outlives the property holder, by law they are entitled to inherit assets upon the property holder's death.
Typically, an heir apparent consists of children born to the decedent. If the decedent did not have children, the next closest lineal relative would become the heir apparent. For instance, if the decedent has no children, but has parents, siblings, aunts, uncles or cousins, the decedent's assets would transfer to the closest living relative.
Real Estate Investing article on "Heir Apparent is Next in Line"
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.