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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 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 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"
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"
October 23, 2008
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.