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Estate Planning Guide appeared first on SmartAsset Blog. It is possible, and sometimes advisable, to avoid probate. With the help of an estate planner and, perhaps, an attorney, you can learn how ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
A probate court (sometimes called a surrogate court) is a court that has competence in a jurisdiction to deal with matters of probate and the administration of estates. [1] In some jurisdictions, such courts may be referred to as orphans' courts [ 2 ] or courts of ordinary.
The Executor’s Guide to Probate Bond. As mentioned, acting as an executor entails certain responsibilities and you’re obligated to follow a fiduciary code of conduct.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
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