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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"
June 01, 2009
Life Insurance Trust
A life insurance trust is used to protect insurance proceeds from estate taxation. Beneficiaries are designated within the policy and distribution schedules are established. The life insurance policy is placed inside the trust and managed by a Trustee.
A life insurance trust consists of a Trustor, Trustee and beneficiaries. The Trustor is the person who establishes the trust. The Trustee is the person who manages the trust. This person is designated through the policyholder's Will.
Real Estate Investing article on "Life Insurance Trust"
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"
May 02, 2009
California Estate Planning
California estate planning allows residents to establish healthcare directives and retain control of assets in the event of their death. Estate planning outlines who will be in charge of administering the estate and which heirs will receive assets.
California estate planning is no different than establishing protocols in any other state. The only difference is California residents must adhere to established probate laws. Probate is regulated on a state-by-state basis. The primary difference between states is the amount which determines what constitutes a 'small estate.
Real Estate Investing article on "California Estate Planning"
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 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"