Probate
- Author Josh Riverside
- Published October 6, 2006
- Word count 461
Probate is a legal process in which the authenticity of a will is proved; total properties identified, inventoried and appraised; taxes and debts paid; and the remaining properties distributed. The term “probate” is derived from the Latin word “probare”, which means “to prove”.
Suppose all of a person’s property, sometimes known as “assets”, were in that person’s name. The term “assets” includes real property (lands and houses), tangible personal property (jewelry, vehicles, etc.), and intangible personal property (stocks and shares, bank accounts, etc.) Normally a person’s spouse and children will inherit his assets after proving to the court that they are legal heirs. They do this by submitting the marriage and birth/adoption certificates. But they can claim full control of the assets only if the assets are validated by any court of law. For this, they need to submit the death certificate and a record of all the decedent’s assets, with documentary proof, to the court. The court will appoint an administrator, known sometimes as a “personal representative”, to verify, inventory and appraise the assets. But some assets, such as bank deposits, for which the decadent nominated someone when opening the account, are transferred into the latter’s account without any court intervention.
On the other hand, let’s say a person prepared a clear document in which he stated how much and to whom the assets should be distributed. If he hasn’t named a personal representative, the court will appoint an “executor” and a guardian for his children to manage the assets. The person should have signed the document in front of two or more witnesses and gotten it notarized. This document is called a “will”. As he passed away after writing a valid will, he is considered to have died “testate”. The term “testate” means “to make a will”. The person who wrote the will is known as the “testator”. If the person died without leaving a will, he will be known to have died “intestate”. Law requires that heirs prove the authenticity of the will to the court. Then the court will administer to pay any debts and taxes from the assets and validate the remaining assets owed by John. The court will issue an order for transfer of his property to the beneficiaries, as directed by the will or according to inheritance laws.
The time taken for the whole probate process depends on a number of factors, such as the size of the estate, validation of the will, the appointing of an executor if there’s no will, and finding and notifying all beneficiaries. If all the papers are not complex, the process takes less than a year, in general. If the will is contested, probate can take years to complete.
How To Avoid Probate provides detailed information on probate, how to avoid probate, probate court, probate law and more. How To Avoid Probate is affiliated with Free Last Will And Testament Packages.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Why Foreclosure Defense Matters
- How an Okatie Car Accident Lawyer Can Help with a Hit-and-Run Case
- Content Analysis: Uncovering the Hidden Meaning
- criminal defense attorney irvine
- 7 Mistakes to Avoid When Hiring a Personal Injury Lawyer in Clearfield
- 10 Signs You Need a Personal Injury Lawyer in Rockford
- Why You Should Hire a Personal Injury Lawyer in Tampa After an Accident
- Canada’s Regions Blocking Low-Wage LMIAs
- How the IRS Is Changing and Why You Need a Tax Attorney Now More Than Ever
- When to Call a Car Accident Lawyer in San Antonio After a Wreck
- What to Expect During Your First Consultation With a New Haven Personal Injury Lawyer
- How a Waterbury Auto Accident Lawyer Can Maximize Your Settlement
- Contracts That Win: Why Legal Precision Is Key to Business Success
- How the IRS Is Cracking Down on Tax Debt (And What You Can Do About It)
- Top Questions to Ask a Carmel Personal Injury Lawyer During Your Consultation
- Treasury Department Drastically Narrows Corporate Transparency Act Requirements
- NFPA 96 Compliance and Hood Cleaning: Captive Aire Hood vs. Accurex Hoods, Greenheck Systems
- Future First Criminal Law
- Breaking News: FinCEN Pauses Corporate Transparency Act Enforcement
- Popcat Coin Price Prediction: 2025, 2030, and the Next Bull Run
- What to Expect When Hiring an Oakland-Based Auto Accident Attorney
- How Hartford Injury Attorneys Help After a Truck Accident
- How Federal Legislation Could Impact Michigan's Online Poker
- How a Criminal Lawyer in Ann Arbor Can Protect Your Rights
- Benefits of Remote Online Notarization for Individuals and Businesses
- The Benefits of Using A Mobile Notary Service: Convenience, Flexibility, and Choice
- Top 10 Most Common Notarized Documents You Need to Know
- 5 Ways to Find Affordable Notary Services Near You
- Why Bangladesh Needs the ACNCC Now?
- How a Calgary Personal Injury Lawyer Can Maximize Your Compensation