2. Start the probate process Probateis the legal process for settling a deceased person’s estate and ensuring that any debts are paid and assets are distributed accordingly. If your loved one completedend-of-life planningor had anestate plan, they likelymade a will, which needs to be filed...
Contesting a legal document such as a will can be an uphill battle, so it's best to get some solid legal advice about your chances before you do anything.An estate planning or probate lawyercan let you know what your options are and help you navigate the process of contesting a will. S...
The assets named in a revocable trust do not pass through the probate process along with the deceased's personal assets. That's because assets named in a trust aren't legally owned by the deceased person. In other words, the will has no authority over a trust's assets, which may include...
During the probate process, the court will identify the stocks as part of the estate and determine their value at the time of the stockholder’s death. This valuation is crucial for calculating any applicable estate taxes. Once the probate process is complete, the stocks will be distributed acc...
Your spouse cannot contribute to your IRA, but they can be named as a beneficiary on the account. The funds will then go directly to your named beneficiaries without going through probate. Named beneficiaries must take funds at least one year after your death. If you do not name a beneficia...
If the probate estate does not contain sufficient assets to pay all creditors, some creditors will simply not be paid. You have no obligation to pay your parents’ debts with your own funds. Do I have to pay my parents’ bills with life insurance I received? No, if you are the benefici...
Another critical step is to open the lines of communication with the deceased tenant’s executor. This will enable you to discuss transitioning the real estate back to you. After all, a lease agreementdoes not terminateautomatically upon a tenant’s death, so you don’t have a legal right ...
matters, and in the event of a natural death, they will usually help to identify and contact the person’s next-of-kin in their home country. They cannot and won’t become involved in any matters related to estate disputes, probate or any issues in relation to your personal assets in ...
Upon the death of an individual, it is common for creditors to be notified through the probate process or by the executor of the estate. Credit card companies may request a copy of the death certificate to verify the passing of the account holder. ...
If the decedent left behind a last will and testament, that document is at the heart of the probate process. If you know the decedent left a will, find it and submit it to the probate court when you ask the court to open a new case. You can also start a new case if you don’t...