When someone dies, they leave behind an estate that contains all the assets they owned. Probate is the legal process through which these assets are sold.
Estate administration, or probate, can be formal or informal. An informal probate process is available for “small” estates, meaning any estate where the person who died has property that is worth $50,000 or less, or, if the person left behind a spouse, or $100,000 or less if the pe...
Finally, estate planning can ensure your assets—and your loved ones—avoid the stress of probate court. Without an estate plan, a judge may determine who receives your assets, how your cash is distributed, and who gets to raise your minor children. Who needs an estate plan? Generally speaki...
Most assets that are subject to probate administration come under the supervision of the probate court in the place where the decedent lived at death. The exception is real estate. Probate for real estate may need to be extended to any county in which the real estate is located. The executor...
If the deceased owned real estate or other fixed, immoveable assets in a different locality, the probate for those assets takes place in the city or county where an asset is located. That makes it possible for parts of an individual’s estate to be probated in different courts. ...
Probateis the process of administering a deceased person's estate and handling their affairs — which includes settling debts, paying taxes, and filing papers with the court as necessary. After a person dies, the term ‘estate’ usually refers to theprobate estate, or the collection of their ...
A probate bond is a type of bond that serves as a guarantee that the executor of an estate will perform his or her duties...
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.
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Alternatives to a Life Estate A life estate is an excellent tool for securing your assets to pass on to your beneficiaries and bypass lengthy probate but it isn't the only option available. You can also create a: Transfer-on-death-deed: This deed passes real estate on to your heirs after...