Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person's Will, or if there is no Will, according to intestate laws. Assets are anything a person owns with value, such as real and personal property and cash, for instance. Probate is not always required.
If a person dies leaving very few assets, such as personal belongings or household goods, these items can be distributed among the rightful beneficiaries without the supervision of the court. Or, if the deceased owned everything in co-ownership, for instance all bank accounts were joint with rights of survivorship (with a spouse or children), and then those assets pass automatically to the surviving co-owner.
If a person dies leaving very few assets, such as personal belongings or household goods, these items can be distributed among the rightful beneficiaries without the supervision of the court. Or, if the deceased owned everything in co-ownership, for instance all bank accounts were joint with rights of survivorship (with a spouse or children), and then those assets pass automatically to the surviving co-owner.
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A will can be considered the cornerstone of all estate planning. A legal document that can have a significant impact on your family, a will lets you decide who will manage your money, and it effectively transfers your assets to your intended beneficiaries after your death. Making a will is especially important if you have disabled or minor children because it lets your wishes be known with regard to their future care.
Estate Planning means more than simply preparing a last Will and Testament. In its broad sense, the term "estate planning" entails more than providing for the disposition of your assets upon your death with a minimum amount of taxation. Comprehensive estate planning, of course, provides for that.
However, such planning must also provide for the administration and protection of assets during your lifetime and for decision-making in the event of a disabling illness.
However, such planning must also provide for the administration and protection of assets during your lifetime and for decision-making in the event of a disabling illness.
Reviews (1)
Julie Heath
Nov 04, 2019
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Mr. Stout is an amateur at best. He represented my landlord in court yesterday and his ONLY piece of evidence submitted to the judge is a piece of paper which he handed to both the judge and me. The same paper he'd already gave me twice!
He has the demeanor of a little lost child who has no clue where he is or what he's doing.
He has the demeanor of a little lost child who has no clue where he is or what he's doing.
