The executor is the party responsible for distributing assets and carrying out your will, which includes managing your estate through the probate process. Probate is the process of making sure a deceased person’s assets are distributed according to their will, and if overseen by a court. Many...
If you have a living trust, there is no probate process at all. So experts say everyone should have a will. But only those with property need a living trust. That way when you die, everything in the trust doesn't have to go through probate. More from CBS News Riverside County le...
Reason #3- Facilitate the Probate Process:The probate process is the legal process to distribute the estate for every will. If someone challenges the estate distribution, the last testament will provide the final decision according to your wishes. You can also make the entire probate process quick...
It is possible to simply leave the property to the beneficiaries in your will. Assets that transfer through a will, however, must go through a probate process. Probate is slow, public and can be very costly. Aroundfive to 15% of the total valueof the estate will go to probate and legal...
All right, so, if you have a will, you don’t need to do probate, if you remember everything. Is that what I’m understanding? Jason Ponder: If you make provisions for everything, there is a chance that you will not have to go through the probate process, correct … Or possibly,...
to prepare a letter of instruction to share details about your funeral arrangements and personal wishes because your testament may not be read before your funeral. The letter can also include a list of all your assets, even the ones that can pass to a beneficiary without going through probate...
One benefit of a living trust is privacy. Unlike property transferred via will, property held in trust does not have to go through probate. Probate is the court-supervised process of administering an estate after a person’s death. If a will goes through probate, it becomes public record. ...
Many people choose to create trusts in an attempt to prevent theirestatefrom going through the probate process. In general, the testator transfers his or her assets to a trust while alive, and the trust -- which is usually controlled by the testator -- in turn designates thebeneficiaries. Th...
But without a will, probate becomes a long, complex process of figuring out how to divide your assets under state law. Your legal heir might turn out to be some cousin you never got along with. And even if your loved ones inherit, they might have to wait weeks or even months for the...
This will contains one or more testamentary trusts that take effect after your death and the probate process (unlike, for example, a living trust which takes effect during your lifetime). It is used in instances where beneficiaries, such as minor children and/or those with special needs, nee...