Nine Things You Should Know About Probate
While probate is rarely easy, an adequate knowledge and understanding of the process can decrease stress, and increase your confidence that everything is being done properly. Anyone involved in probate should understand the following:
1 - In cases where a valid will exists, the individual named in the will as the executor is responsible to see that the deceased's instructions are carried out.
2- In cases where a valid will does not exist, an individual will be appointed by the court as the administrator. The administrator will perform the duties of the executor.
3 - During probate creditors of the estate are provided with an opportunity to place claims for unpaid debt. The validity of those claims is determined by the court. Any claims that are valid will be paid out of the estate.
4 - Probate court is the home of the probate process. Laws and procedures vary from state-to-state. Some states have courts with the sole responsibility of overseeing probate.
5 - Although the length of probate will vary, it will usually last for six months to one year. More complex estates will typically take a greater amount of time.
6 - Inheritance cash advances are available for heirs to estates in probate. Cash advances provide part of the inheritance upfront and help the heir to avoid the long wait required by probate. Please visit www.probate-web.com/inheritance_cash_advance.htm for more information.
7 - Certain assets may not be subject to probate. Retirement accounts and life insurance policies normally name beneficiaries, which allows the beneficiary to obtain ownership of the asset without going through probate.
8 - Proper estate planning can make it possible to partially or completely avoid probate. Estate planning is a priority for those who wish to ensure an easier process for their heirs and beneficiaries. For guidance in estate planning seek the advice of a professional.
9 - Real estate that is tied up in probate can be sold during probate, without waiting for completion of the process. If you have real estate that is currently in probate and you are interested in selling, please visit www.probate-web.com/probate_real_estate.htm.
Related Tags: legal, law, cash advance, estate planning, probate
J.J. Chiles is the founder of http://www.probate-web.com, the leading source of online probate information and resources.
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