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21 Tag Results
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February 19, 2010
Probate Properties
Probate properties refer to real estate owned by a person who is deceased. Probate refers to the legal process used to verify property ownership and determine rightful heirs. If probate real estate is bequeathed through the decedent's last will, real estate transfer documents must be filed through the court. If no Will exists, the court must adhere to probate laws to determine who is entitled to inherit the property.
Probate properties can be held in probate for several months. All expenses associated with the property must be paid by the estate until probate settles. Costs might include mortgage payments, property taxes, homeowners insurance, homeowner association dues, and maintenance expenses such as lawn care or repairs.
Real Estate Investing article on "Probate Properties "
January 04, 2010
Personal Representative
Personal representative refers to a person who manages the estate of a deceased person. Estate administrators are appointed within decedent's last will and testament. If no Will exists, personal representatives are appointed by a probate judge.
A personal representative usually requires legal assistance from a probate or estate planning lawyer. Estate settlement must adhere to state probate laws and involves submitting various documents to the court. Few people are prepared to undergo the process of probate alone.
Real Estate Investing article on "Personal Representative"
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 07, 2009
Estate
The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.
When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.
Real Estate Investing article on "Estate"
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"
October 10, 2009
Decedents
'Decedents' is a term used in legal documents to reference persons who have died. It is most commonly used in last wills, revocable trusts and irrevocable life insurance trusts. Wills and trusts are used to bequeath inheritance assets to beneficiaries.
Decedents can give their personal belongings, financial assets and real estate holdings to whomever they wish. Most individuals gift assets to their spouse, children or direct lineage relatives such as sisters, brothers, mother, father, nieces and nephews.
Real Estate Investing article on "Decedents "
October 04, 2009
Probate Litigation
Probate litigation refers to obtaining legal assistance to resolve conflict surrounding inheritance assets. Heirs or beneficiaries must retain the services of a probate attorney in order to contest the decedent's last will. Probate litigation is oftentimes required when decedents die intestate (without a Will).
Probate litigation can prolong the probate process for months or years. I know a woman whose stepfather passed away without executing a Will. Although single at the time of his death, four of his six ex-wives came forward to lay claim to his estate.
Real Estate Investing article on "Probate Litigation"
September 14, 2009
Will
Executing a legal Will is one of the greatest gifts you can leave your loved ones. A Will is used to express burial preferences and name beneficiaries to receive property and personal belongings. The Last Will and Testament gives you the opportunity to have the final say in the event of your death.
A Will is also used to appoint an estate administrator. Most often this person is a family member or close personal friend. Depending on the size and complexity of the estate, some people retain a professional estate planner or probate attorney to manage their estate. It is a good idea to use the services of a neutral third party if family strife exists.
Real Estate Investing article on "Will "
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"
April 26, 2009
Inheritance Cash Advances
Inheritance cash advances aren't loans. There are no monthly payments to pay back. Inheritance cash advances don't have to be repaid by heirs at all. The estate repays the lender once it has been probated.
Inheritance cash advances supply money to beneficiaries of estates immediately. When a loved one dies, their estate goes into probate unless the decedent created an irrevocable living trust. The probate courts ensure the validity of the Last Will and Testament of the deceased, but the courts main purpose is to ensure creditors are paid before heirs.
Real Estate Investing article on "Inheritance Cash Advances"
