An informal probate process, also called summary probate, that requires less court oversight can be used if the estate is small, the will is simple, all parties are in agreement with it, and no objections are raised. The will and death certificate still must be filed in this instance. Pro...
Goes through probate, which can be a lengthy process Does not maintain privacy, as the will is public record Does not avoid estate taxes Assets are not protected from creditors Creating a living trust can be a part of your estate plan by helping you manage and distribute your assets and pro...
In this scenario, you'd pay approximately $2,500 ($500,000 x 0.5% = $2,500) for the bond. If something goes wrong during the probate process, the deceased's heirs can file a claim against the bond so that the executor is not liable. Filing fees are paid to the court for things...
But if, during the five years before you apply for Medicaid, you use a traditional life estate deed to avoid probate, the value of your home will be an included asset and you may be disqualified from Medicaid. This does not happen if you use a Lady Bird deed, because it is not consid...
These assets commonly go through probate court: Personal collections and possessions like clothing or jewelry Titled assets in the deceased's name, including real estate Insurance and retirement plans Insurance and retirement plans, such as IRAs and 401(k)s, differ from other bequests in that thes...
Wills often have to go through the probate process, which can be long and costly. One way to avoid this is to set up a trust. Keep in mind, though, that trusts often don't include all of your assets, especially if you acquire things after it is set up. You can set up directives...
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 ...
The main difference between a will and a trust is that a will typically goes through a court process called probate after the property owner’s death. The specifics can vary from state to state depending on the size of the estate and type of property held. During probate, a court administ...
A probate sale occurs when a property must be sold after the owner passes away. Learn about the process and why buying a probate property may be right for you.
all the assets you own (that are not held in trust) and any outstanding debts when you die. The estate is responsible for paying your debts if the total assets are greater than the total debts. Anything that remains goes to the designated beneficiaries through acourt process called probate....