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10 result(s) displayed (1 - 10):

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"

October 14, 2009

Estate Administrator

Estate administrator refers to a person appointed to manage the estate of a person who has died. Administrators are generally family members, a professional estate planner or probate attorney. When a family member is appointed to this position, they typically require assistance from a professional to ensure legal documents are properly filed through probate court.

An estate administrator has multiple duties. It is important to appoint someone capable of handing financial matters and able to make difficult decisions under stress. Administrators must be at least 18 years of age and never convicted of a felony. It is best to appoint an estate executor who resides in the same state as the decedent. However, this is not a necessary requirement.

Real Estate Investing article on "Estate Administrator"

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"

July 03, 2009

Last Will and Testament

Executing a Last Will and Testament is a relatively simple and inexpensive process. A Will is used to bequeath inheritance to beneficiaries. There are many ways to draft a Will, but the most common is to utilize the services of a professional estate planner. Doing so can protect the Will from being contested in probate court.

The Last Will and Testament involves several elements. First, a probate executor is designated to handle estate-related affairs. Estate administrators are responsible for a variety of duties, so it is best to discuss this position with the person before naming them in the Will.

Real Estate Investing article on "Last Will and Testament"

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 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"