What is the Typical Probate Process? What are the Best Sources of Probate Advice? What is an Ancillary Probate? How can I Avoid Probate? What is a Probate Beneficiary? Discussion Comments WiseGeek, in your inbox Our latest articles, guides, and more, delivered daily. ...
How does the probate process work? Every estate and every Will are different. The exact probate process can vary depending on the instructions left in the Will and the assets, creditors, and beneficiaries the estate has. The basic process for an executor is: Gather the full details of the ...
Credit card debt doesn't go away after you die Credit card debt doesn’t simply go away when a person has died. The decedent’s estate uses its assets to pay off creditors. Typically, relatives won’t have to pay off a decedent’s outstanding debt to credit card companies. Circumstanc...
Irrevocable trusts can also avoid probate and are private, meaning the public is not privy to their terms or to the assets held within them. Types of irrevocable trusts Irrevocable trusts come in two forms: a living trust, which is established while the grantor is alive, or a testamentary ...
For partners with children or dependents from a previous marriage, prenuptial agreements are an excellent way to protect them in the event of divorce. Specifically, prenups can set aside pieces of property or other assets that are intended for existing dependents and, as such, shouldn't be cons...
A power of attorney is one of the most powerful options for protecting your interests, but it's important to understand the different types before signing.
Current assets versus plant assets: What's the difference? While they're most definitely both considered part of the asset category, current assets and plant assets don't share all that much in common. Current assets are expected to be used within a year or short-term time frame. Current ...
Wills and probate: What difficulties arise when a person dies with assets in several jurisdictions?No AbstractSlater, S.NEW LAW JOURNAL
Some assets can bypass probate because beneficiaries have beeninitiated through contractual terms. Pension plans, life insurance proceeds,401k plans, medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly...
The two roles are similar, but an executor carries out one's will, often under the supervision of a probate court; while atrusteeis responsible for one's trust. In some cases, the two may be the same individual, although they don't have to be. Can an Executor Also Be a Beneficiary?