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If the property of an estate is not automatically devised to a surviving spouse or heir through principles of joint ownership or survivorship, or otherwise by operation of law, and was not transferred to a trust during the decedent's lifetime, it is generally necessary to "probate the estate", whether or not the decedent had a valid will. For ...
Probate can certainly take months and, in some cases, years. During that time, the beneficiaries or heirs do not inherit. Money – Probate can also be an expensive process. There are court costs ...
Sometimes, not always, when a person dies — even if they left a will — a legal process is required to validate the will, name an executor to administer the estate if there isn’t one already ...
Probate explained: Best not go there. ... Harley chopper or prop plane, all that’s required to pass it on is a simple written instruction to transfer the title to a beneficiary. In a trust, you ...
An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate, although it is not required that they fulfill this.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
Avoidance of probate costs: A TOD account can help heirs avoid some probate-related expenses. However, it’s important to note that it doesn’t protect against an estate’s debts.
Estate in land can also be divided into estates of inheritance and other estates that are not of inheritance. The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law , either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail).