These accounts typically avoid the probate process, and the beneficiary named directly on the account usually takes precedence over what you write in your will. Ensure that your will covers any assets that don’t have an automatic beneficiary designation. About the authors Kay Bell Follow Kay ...
While probate is pending, the estate may decide to sell the car to pay other debts - you as the beneficiary don’t want to find out you’ve been making the monthly payments on a car you’ll never receive. Clear communication between the executor or administrator and the beneficiary is ess...
Understanding Probate in Texas Without a Will If you die without a will in Texas, your estate may need to go through probate, a court-supervised process to settle a deceased person’s estate and distribute property to their heirs. The probate process can be lengthy and complex. One of the ...
Probate court is the legal process of distributing someone's estate after they've passed away. This guide will walk you through how it works and what you should expect.
But what happens if you don’t have a living willormedical POA in your advance directive (or you don’t have an advance directive at all)? Well, you’ll be at the mercy of your family—or the courts if your family can’t agree on how to handle your condition. And that’s thelast...
Wills don't come into effect until after your death, so they cannot be used to manage your assets prior to your death. Wills must go through the public probate process before the distribution of assets covered by the will can be made. ...
Trusts on the other hand remain private and don’t require court approval. Trusts can be created and go into effect before your death, whereas wills only become active after death. Special types of trusts There are also several types of specialty trusts you can establish, and each is structur...
Profit is an important part of a company’s financial health, but not the whole picture. If you want to go to the beach, don’t just check to see if it’s sunny out. Check the temperature too — of the water and the air. Similarly, if you want to know how a company’s doing,...
Each state has its own limit to determine how much an estate must be to go through the probate process. Smaller estates may be able to go through a simplified probate process, or simply have heirs claim assets by affidavit. In addition, some assets—such as living trusts and 401(k) plans...
Your retirement accounts pass to beneficiaries without going through probate court; however, if you leave a retirement account to your estate, it may have to go through probate before the assets can be distributed. Probate Know the probate laws in your state. ...