Probate is multifaceted in that it refers to the overall legal process of dealing with a deceased person's assets and debt, the court that manages the process, and the actual distribution of assets. Individual states have rules concerning probate and probate courts. Some states do not use the ...
If someone dies with a legally valid will, their assets usually have to go throughprobate court. While some states make exceptions for very small estates, most call for a probate court to appoint an administrator who distributes the assets and closes the estate. Usually, this person is next ...
However, the way assets are held and distributed differs between the two. A living trust keeps those assets in an account and can be directly dispersed to your beneficiaries by your trustee. Most wills have to go through probate, or the formal process of distributing assets, which often ...
Your executor must find, secure, and manage your assets during the probate process, which commonly takes a few months to a year. Depending on the contents of your will, and on the amount of your debts, the executor may have to decide whether or not to sell your real estate, securities,...
What Is Probate and Family Court? 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 ...
The main advantage of a tenancy by the entirety is to protect the interests of a surviving spouse. When one tenant dies, there is no possibility that their partner will lose the property. There is no need for the property to go through probate, and no other heir can evict the surviving ...
Privacy. Trust assets don’t have to go through probate, which is part of the public record. A trust can help if you’re disinheriting someone or have complex assets. Precision. Trusts require specific language to be legally valid. If the terms aren’t clear, someone could challenge the ...
The truth is, whether you have a will or not, your assets will go through the probate process when you die. Probate can be a rather lengthy and costly process for your heirs. The procedure can extend from a couple of months for a simple estate, to a couple of years for a more ...
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A number of assets don't go through probate. Any of the deceased’s property with a beneficiary designation— whether it’s a bank account, retirement plan, or life insurance policy — can be transferred directly to that named beneficiary. The same goes for property with a transfer-on-death...