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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"
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 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 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"
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 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"