Tag Results
13 Tag Results
10 result(s) displayed (1 - 10):
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"
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"
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"
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"
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 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"
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"
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.
