Probate is the legal process of validating and executing a will. The process involves choosing an executor to carry out the terms of the will and transferring property ownership to any designated beneficiaries.Know More
State probate laws also help to determine how an estate should be distributed when the deceased person has considerable debt or has left no will. If no executor was selected and the deceased person didn't have a specified attorney, a probate court typically appoints a suitable relative to serve as administrator.
The estate's full value is determined through a detailed inventory, and the executor is expected to settle any remaining debt and tax obligations whenever possible. Since probate laws vary, property holdings spread across multiple states are handled differently based on location.Learn more about Financial Planning
To probate a will after death, the executor of the will has to file probate papers, prove the will is valid and supply a list of the deceased's assets and debts as well as the names of the inheritors, notes Nolo. The probate process is often time consuming and expensive.Full Answer >
Ways to create a will that avoids probate include creating a revocable living trust, having pay-on-death accounts, having a joint ownership of property and giving property away while still alive, according to Nolo. It's best to sit down with a reputable lawyer familiar with wills, trusts and the probate process to improve the chances of avoiding probate.Full Answer >
A probate estate is the total of all assets owned by a person at the time of his death as stipulated in his will. A probate court must prove a will is genuine through a process called probate administration, as explained by For Dummies.Full Answer >
To contest a will that is already in probate in Texas, file a will contest with the local court where it was admitted to probate. Will contesting can be done with or without an attorney, notes LegalZoom. Since the process can be lengthy and intricate, probate attorneys are available.Full Answer >