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.Continue Reading
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
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 >
Some of the advantages of a living trust are being able to avoid probate and being able to name alternate beneficiaries to inherit property, says Nolo. Disadvantages of living trusts include the time they take to draw up and the amount of extra maintenance required when compared to a will.Full Answer >
Some of the main advantages of using a revocable living trust instead of a will for estate planning is that a revocable living trust does not have to go through probate, which can alleviate privacy concerns, and it is protected from being challenged in court, according to NOLO. Revocable living trusts can also be changed at any point during the person's life.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 >