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October 01, 2011
The probate office is where matters surrounding estate settlement, conservatorships, marriage licenses, name changes, and adoption occur. When a person passes away their estate agent files the last will and testament and death certificate through this office to obtain a case number.
Working with the probate office can be simplified by engaging in estate planning. In fact, with proper planning most estates can avoid probate altogether. It's recommended to consult with a probate lawyer or estate planner to ensure adequate protection of estate assets. However, it's helpful to conduct research to learn about the process and available options.
August 09, 2011
If you're thinking about writing a Will you're making a smart decision. A lot of people put off this task until it's too late and end up making their family deal with a lot of bureaucratic red tape. It takes very little time to put affairs in order and is worth every minute knowing loved ones will know exactly what to do.
There are many ways to go about writing a Will. If you don't own much valuable property a do it yourself Will kit might be all you need. If you own real estate or titled property, you'll want to setup beneficiaries so property can be easily transferred upon death.
June 29, 2011
Family inheritance is a prized possession that should be protected using estate planning strategies. Financial assets and valuable property can be transferred to direct lineage heirs and future generations through Wills and Trusts, as well as gifted on an annual basis.
Family inheritance is often a touchy subject, but it is important to openly discuss plans with family members prior to death. Many people feel there will be too much conflict if relatives know what they will receive ahead of time. The truth is family disputes over inheritance can be minimized by planning ahead.
Engaging in estate planning isn't difficult or expensive. All that is required is to take inventory of personal assets, financial portfolios, and titled property such as motor vehicles and real estate. Estate planners can advise whether estates can be sufficiently protected by a last will and testament or if a trust is better suited.
April 19, 2011
When family disputes over inheritance arise it can quickly escalate into irreparable damage. Emotions are already running high when a loved one dies. Incidents that could easily be worked out under normal circumstances are magnified during periods of grief.
Family disputes over inheritance often occur when a relative dies without executing a Will. However, when a person dies intestate the estate must be settled according to state probate laws. Heirs can file claims against the estate if they have evidence they are entitled to specific property. They can fight all day over who should receive what, but if a Will is not in place there isn't much they can do about distribution of property.
March 25, 2011
Trustee references a person or entity in charge of managing assets protected through a trust. Trustees act as fiduciary for beneficiaries and are responsible for making solid financial decisions for their greater good.
Trustee also references the person in charge of managing personal and corporate bankruptcies. Bankruptcy trustees are appointed through the Department of Justice and responsible for managing court ordered sale of assets under Chapter 7 and distributing payments to creditors under Chapter 13.
February 19, 2010
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.
January 04, 2010
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.
December 28, 2009
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.
November 07, 2009
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.
November 04, 2009
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.