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4 Tag Results

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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"

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 "

September 19, 2008

Probate Executor

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 "

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 "