|
Probate is the legal process of transferring your property to your loved ones after you die. When you pass away, you leave behind a lot of stuff: clothes, furniture, and even your car. But what about your cash, stocks, and other valuable financial assets? With probate, you can leave those assets to your heirs through probate court. Probate is the legal process of transferring your property to your loved ones after you die. However, your estate doesn’t have to go through probate if you have a valid will. Probate is a legal process that is used to settle the estate of someone who has died. When a person dies, the executor of his estate must follow the state's probate laws, including filing a petition in the county court to make sure that the deceased person’s debts are paid and the assets of the estate are distributed to the people who inherit them. Probate can be expensive and time-consuming. Avoiding probate can be a good idea if the assets you own are likely to be passed on to your spouse or other family members. What Are The Rules For Married Couples? Married couples have many rights and responsibilities that come with their legal marriage. When one spouse dies, the other spouse may be able to inherit through what's called an "elective share." An elective share is a portion of the deceased spouse's probate property that is given to the surviving spouse when the deceased spouse did not leave a will or the will does not adequately provide for the surviving spouse. In most states, the surviving spouse's right to an elective share is decided by the laws of the individual state, or by the laws of the state where the will was probated. In many states, if the surviving spouse has children from a prior marriage, the surviving spouse may be barred from making a claim for an elective share. Structuring Your Assets: What's The Best Way To Pass Assets To Your Spouse? With a lawyer at the ready and a notary public waiting in the wings, it’s easy to get the impression that the probate process is a ceremonial affair. It’s not. It’s the legal procedure by which a decedent’s estate is administered, allowing the decedent’s wishes to be carried out. There’s also a lot of paperwork and documentation involved, which can get confusing quickly. Following are some factors to be cautious about in probate: Avoiding probate can save your family time and money. The probate process can be time-consuming and expensive, so avoiding it can spare your loved ones some hassle. Probate can be a public process, which means that the details of your estate will become public records. If you want to keep your affairs private, avoiding probate is a good way to do that. In some cases, the probate process can be contested by family members or creditors, which can delay the distribution of your assets and cause additional stress for your loved ones. Avoiding probate can help prevent these disputes from arising in the first place. About The Author Jim Turner is a USA-based author of Legal issues related to estate planning, will & trust, business law, and elder law. Jim Turner does his best writing on these topics last will and testament Michigan which helps users to find the best solutions to their FAQ on estate planning, probate process, living trust, and more about legal family issues. The author can be reached through rochesterlawcenter.com
Related Articles -
probate, estateplan, avoidprobate,
| 
