There are some types of asset transfers that are not subject to the probate process. These would include life insurance proceeds and assets that are in payable on death accounts and individual retirement accounts. To proactively implement a total probate avoidance strategy, you could use a revocable living trust as the centerpiece of your estate plan instead of a last will. The trustee that you name in the document would be empowered to distribute assets to the beneficiaries after you are … [Read more...] about Is there any way to avoid probate?
Probate does present a window of opportunity for anyone that wants to challenge the legitimacy of a will. This is a good thing in the biggest picture because in rare cases, there can be something amiss. For example, a let’s say that a man in his 80s gets married to someone much younger. He dies six months after the wedding, and the surviving spouse presents a will that leaves her everything, and the children get nothing. The children could present a challenge under these circumstances … [Read more...] about Can someone contest the validity of a legally executed will during probate?
Yes, there are some drawbacks that go along with the probate process that you should be aware of before you make any final decisions. During probate, the executor is required to notify creditors about the death of the testator. They are given a certain amount of time to come forward seeking satisfaction. Depending on the size and scope of the estate, inventorying the assets and arranging for appraisals, and in some cases, liquidation of property, can be quite time-consuming. At the end of the … [Read more...] about Is there any reason to be concerned about probate?
The probate court is responsible for a number of different matters that are related to the estate administration process. If you use a last will to state your final wishes, it would be admitted to probate by the executor that you name in the document. This court would supervise the administration of the estate. It should be noted that intestacy matters are handled by the probate court as well. The term “intestacy” is used to describe the condition of passing away without any estate planning … [Read more...] about What is the function of probate?