Probate law does not allow anyone to take items from a loved ones’ home after they die, until the will has been probated. Learning about probate, what it entails and how to prepare for it may make it a little easier when a family member dies, says an article titled “Can you empty a house before … Continue reading What about House Contents when Someone Dies?
Category: Decedent
How Does Probate Court Work?
Probate court is where wills are examined to be sure they have been prepared according to the laws of the state and according to the wishes of the person who has died. It is also the jurisdiction where the executor is approved, their activities are approved and all debts are paid and assets are distributed … Continue reading How Does Probate Court Work?
What’s More Important: an Estate Plan or Trust?
A will makes a one-time transfer of assets after death, while trusts allow assets to be transferred during life and after death. Each one has an important role to play in managing assets and protecting loved ones, reports an article “Estate vs. Trust: Do You Really Understand the Difference” from yahoo!. An “estate” in this sense is everything … Continue reading What’s More Important: an Estate Plan or Trust?
What Exactly Does an Executor Do?
The executor is usually a spouse, close family member or trusted friend. If no such person is available, a qualified compensated person can be appointed under state law, according to an article from The Street entitled “Top Duties of an Estate Executor and How to Carry Them Out.” The executor needs to be trustworthy and organized, since there … Continue reading What Exactly Does an Executor Do?
What Does a Last Will and Testament Do?
Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy and ensuring that your beneficiaries receive what you want. The will can also serve to disinherit a family member, as explained in the article “Last will can both include and … Continue reading What Does a Last Will and Testament Do?
What Is Included in an Estate Inventory?
The executor’s job includes gathering all of the assets, determining the value and ownership of real estate, securities, bank accounts and any other assets and filing a formal inventory with the probate court. Every state has its own rules, forms and deadline for the process, says an article from yahoo! Finance titled “What Do I Need to Do … Continue reading What Is Included in an Estate Inventory?
Which Expenses are Paid by the Estate and Which by the Beneficiary?
Settling an estate can be complex and time-consuming—it all depends on how much “estate planning” was done. According to an article from yahoo! Finance titled “What Expenses Are Paid by the Estate vs. Beneficiary?,” the executor is the person who creates an inventory of assets, determines which expenses need to be paid and distributes the remainder of the estate … Continue reading Which Expenses are Paid by the Estate and Which by the Beneficiary?
What Happens When Property Is Owned Jointly and an Owner Dies?
When property is owned jointly, the property may pass automatically to the other owner, passing without going through probate, according to an article titled “Everything you need to know about jointly owned property and wills” from TBR News Media Your will only concerns assets in your name alone without a designated beneficiary. Let’s say you have a joint … Continue reading What Happens When Property Is Owned Jointly and an Owner Dies?
What You Need to Know About Inheritance
Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, an article titled “Getting an Inheritance? Here are 4 Things to Consider” from Kiplinger, has some helpful information. It takes … Continue reading What You Need to Know About Inheritance