Probates are the legal documents which states about the assets and estates of deceased persons .
To understand the depths in probate handling we should take the consideration of few important things which are, knowing about the probate estates,probate initiators,probate processing.
Probate etates are the entirety of the deceased person’s belongingings which may include all real and personal property,as well as other non-physical assets like bank account funds and securities.certain assets don’t pass through probate system and can be directly claimed by certain survivors.These are called “non probate assets. The fallowing list represents some non probate estates.
Non probate assests under common law:
Ø Living trusts
Ø Community property agreements
Ø Joint tenancy property
Ø Joint bank accounts (with “right of suvivorship”)
Ø IRAS and other retirement funds
Ø Employment benefit contracts
Ø Life insurance plans
Some assets may be converted into non-probate status under state laws,such as:
Ø Bank accounts and credit union accounts(up to certain amount)
Ø Unpaid wages
Ø Social security benefits
Ø Some vehicles
Ø Some US saving bonds
Ø Certain IRS tax refunds
Again,the complete list of non-probate assets will vary according to state-specific laws.there will also be different requirements associated with each asset.
Probate initiators the prime role to initiate the probates is carried by an executor or ‘personal representative’is a person designated in the will by the deceased person(decedent) to distribute the decendent estate to heirs and beneficiaries. It is the executor of the estate who generally initiates the probate legal process.some of the crusial responcibilities carried out by the executors are they must locate the will and the death certificate.then they notifies all employers,government agencies,and financial organizations of the death.next the executor usually contacts an attorney to help to deal with the probate court and determine whether probate is even necessary.
Along with the executor any person with an interest in the estate can initiate probate if the executor has failed to do so.for example,with debtor estates,beneficiaries may have incentive to start probate,and so the creditors will have to step the process in order to get what little asserts remain.
probate processing it is the formal process that determines how the asserts of a deceased person are handled.understanding the probate process can be usefull to avoid various disputes and contests that may occur upon the death of the repective person.some important stages in the state probate includes:
Ø Proving that the will of the deceased is valid
Ø Identifying and appraising the property of the deceased.
Ø Managing payment of all debts and taxes related to the estates of the deceased
Ø Distributing the decedent’s property as defined by the will or state law.
Issues with the probate estate can offen be very demanding,since the process involves basically all the person’s bolongings.it is advisable to consult a qualified estate planning attorney in the respective area can ensure that the assets are properly protected according to local laws.The main function of a probate attorney is to help with estate planning and to draft a will,so that the estate will avoid the probate process after death.Estate planning involves many different tasks like identifying and classifying the different assets,and assigning them to the corresponding recipients.Probate attorney are often involved if there are contested wills or other diputes over property.
In other way probates can be avoided,because it involves a time consuming process that may result in serious disputes over property.A number of legal mechanism exist that enable a person to distributed property upon death while avoiding probate.for ex: a person can avoid probate by utilizing trusts,life insurance policies,and joint tenancy.
Coming to the intrest of real estators on probates is to serve the executors,attorneys and heirs.they also deals with the probate assets directly in the failure of executors efforts with the probates. The real estators can give a wide range of services to the persons dealing with the probates.the main support services provided by the realtors are probate evaluation,probate liquidation,probate cleaning,probate security,probate staging and marketing.