What is Probate Process? • Probate is the process used by states to settle the estate of a deceased person. • The process usually runs several thousand dollars for even simple estates and far higher if there are complicated issues or family disputes.
Step of Probate Process • Identifying the property • Identifying the properhires • Pay any outstanding taxes & debts • Distribute property to hires
Probate is a process that includes • Filing papers requesting the court to “admit” a will to “probate”. • Appointing the “executor” designated under the will to gather all of the assets. • Paying all debts of the estate. • Making distributions of the remaining estate to the designated legatees under the will.
Probate process requires at least two court hearings • Submit the documents to the court for its approval. • Court hearing to close the estate once the probate process is completed.
Assets to avoid probate • Payable-on-Death/Joint Accounts • Retirement accounts • Transfer on Death Deed • Trust Planning
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