Archive for January, 2006
As a “fudiciary” to my late mother, why do I have to go through probate?
LionBoop asked:
I think I understand it for the most part. My concern is that my mother didn’t have any assets. A house purchased with my brother and that’s it. A life insurance policy that’s just enough to pay for funeral expenses and possibly a headstone. I’m her eldest child named as the beneficiary to this life insurance policy. She was on state assistance about 15 years ago. (In CT) will they try to claim this little bit of insurance and leave us stuck with the funeral expenses? Her “estate” consists of this house which now belongs to my brother, “in survivorship”. Any advise is greatly appreciated.
Lesli Workman
I think I understand it for the most part. My concern is that my mother didn’t have any assets. A house purchased with my brother and that’s it. A life insurance policy that’s just enough to pay for funeral expenses and possibly a headstone. I’m her eldest child named as the beneficiary to this life insurance policy. She was on state assistance about 15 years ago. (In CT) will they try to claim this little bit of insurance and leave us stuck with the funeral expenses? Her “estate” consists of this house which now belongs to my brother, “in survivorship”. Any advise is greatly appreciated.
Lesli Workman
Probate – Some Things You Should Know
process for distribution of the estate of a deceased person is known as probate. Skifterett is often a time-consuming and confusing process for those involved. Most lack of knowledge of the probate process because of inexperience with the process.
While probate is rarely easy, a sufficient knowledge and understanding of the process can reduce stress and increase your confidence that everything is done correctly. Anyone who is involved in the probate should understand the following:
1 – In cases where a valid will exists, the individual’s name on the will as executor is responsible to see that the deceased’s instructions have been carried out.
2 – In the event of a valid will not exist, a person will be appointed by the Court as an administrator. The administrator will perform the duties of the executor.
3 – Under Changing the creditors of the estate is provided with an opportunity to place a claim for unpaid debt. Validity of these requirements have been laid down by the Court. Any claims that are valid will be paid out of property.
4 – Probate court is the home of the probate process. Laws and procedures vary from state to state. Some states have courts with sole responsibility for the overall probate.
5 – Even if the length of probate will vary, it will usually last for six months to a year. More complex estates will usually take a greater amount of time.
6 – Inherit cash is available for heirs to live in probate. Cash advances give a part of the legacy in advance and to contribute to the heir to avoid the long wait required by probate. Please visit www.probate-web.com/inheritance_cash_advance.htm for more information.
7 – Some assets may not be subject to probate. Retirement accounts and life insurance policies normally name beneficiaries, making it possible for the beneficiary to obtain the ownership of assets, without going through probate.
8 – Correct estate planning will make it possible to partially or completely avoid probate. Estate planning is a priority for those who want to ensure an easier process for their heirs and beneficiaries. For guidance on estate planning seek the advice of a professional.
9 – Real estate that is tied up in probate can be sold in the course of probate, without waiting for the 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.
By: ebet sanders
About the Author:
While probate is rarely easy, a sufficient knowledge and understanding of the process can reduce stress and increase your confidence that everything is done correctly. Anyone who is involved in the probate should understand the following:
1 – In cases where a valid will exists, the individual’s name on the will as executor is responsible to see that the deceased’s instructions have been carried out.
2 – In the event of a valid will not exist, a person will be appointed by the Court as an administrator. The administrator will perform the duties of the executor.
3 – Under Changing the creditors of the estate is provided with an opportunity to place a claim for unpaid debt. Validity of these requirements have been laid down by the Court. Any claims that are valid will be paid out of property.
4 – Probate court is the home of the probate process. Laws and procedures vary from state to state. Some states have courts with sole responsibility for the overall probate.
5 – Even if the length of probate will vary, it will usually last for six months to a year. More complex estates will usually take a greater amount of time.
6 – Inherit cash is available for heirs to live in probate. Cash advances give a part of the legacy in advance and to contribute to the heir to avoid the long wait required by probate. Please visit www.probate-web.com/inheritance_cash_advance.htm for more information.
7 – Some assets may not be subject to probate. Retirement accounts and life insurance policies normally name beneficiaries, making it possible for the beneficiary to obtain the ownership of assets, without going through probate.
8 – Correct estate planning will make it possible to partially or completely avoid probate. Estate planning is a priority for those who want to ensure an easier process for their heirs and beneficiaries. For guidance on estate planning seek the advice of a professional.
9 – Real estate that is tied up in probate can be sold in the course of probate, without waiting for the 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.
By: ebet sanders
About the Author:
If you are looking for more information on probate lawyer or probate court please visit this links and you will find great probate information.
Bethany Nowicki
Can the executor of an estate sell a house to pay off the equity line of credit even though it is in probate?
Tapping on your toes asked:
and there is a girlfriend living in it that has an life estate interest?
Crista Gillespi
and there is a girlfriend living in it that has an life estate interest?
Crista Gillespi
Probate: How long can you stay in probate?
hpy2b asked:
My mother died 3 years and left me a time-share in HA. I remain paying the maintence dues. Anyone know how long before I have to pay for the probate and escrow
Harvey Husband
My mother died 3 years and left me a time-share in HA. I remain paying the maintence dues. Anyone know how long before I have to pay for the probate and escrow
Harvey Husband
Scott County Probate Attorney is Your Best Choice to Settle an Estate Dispute in Scott County
If you want to pursue a legal process for settling a dispute of estate in Scott County, Minnesota then the best option would be to take help from a Scott county probate attorney. There are several probate attorneys in Scott County to choose from. The legal process involved in a probate will be governed by the Minnesota Statutes and the Probate Court Rules.
The probate court in Scott County has jurisdiction over those probate cases, which involves the disposition of real estate property belonging to a particular person who has died. The Scott county probate attorney works within the rules of the legal process initiated by the probate court. The legal processes in the probate court in Scott County are governed by the Uniform Probate Code, Minnesota Statutes 524 and 525 as well as the Rules of Civil Procedure.
But before you can move forward with the probate the Scott county probate attorney and the court will have to determine if the probate proceeding is valid and absolutely necessary or not. According to the law, not all estates require a probate. According to the Minnesota Probate Statute, the decedent should have probate assets worth in excess of $20,000.00 or own real estate only in their name alone. A Scott county probate attorney will be well-equipped to provide the necessary assistance in cases pertaining to estates and trusts. Here is a list of procedures that are most frequently used:
Informal Probate: An informal probate is meant for those estates which don’t need any type of judicial adjudication or court supervision. In order to qualify for an informal probate, the estate needs to be free from any kind of legal disputes, uncertainties, and other complex administrative situations. If you are applying for an informal probate then you need to keep in mind that the probate registrar can decline your application if you are unable to meet any or all of the mentioned statutory requirements. Once your form is accepted, the probate registrar will appoint a personal representative.
Formal Probate (Unsupervised/ Supervised): A formal probate in Scott County can be supervised as well as unsupervised depending on the nature of the probate. In all formal proceedings there will be a hearing before the Judge. In Scott County no appearance by the personal representative or the attorney is necessary during this hearing unless there is an objection filed in the court.
Determination of Descent: This is applicable only if there are no prior legal proceedings towards a particular decedent who has been dead for three or more years. In such a case, the statutes will require the management and handling of the estate using Determination of Descent.
Summary Assignment: Summary assignment will be applicable only if the actual gross of probate assets of a particular estate is not more than $30,000.00 and this excludes exempt homestead. There are basically two types of summary assignment: Non-Exempt Summary and Exempt Summary.
Your Scott county probate attorney will be able to tell you, which of the above is applicable in your case and thus provide assistance accordingly.
By: Clint Jhonson
About the Author:
The probate court in Scott County has jurisdiction over those probate cases, which involves the disposition of real estate property belonging to a particular person who has died. The Scott county probate attorney works within the rules of the legal process initiated by the probate court. The legal processes in the probate court in Scott County are governed by the Uniform Probate Code, Minnesota Statutes 524 and 525 as well as the Rules of Civil Procedure.
But before you can move forward with the probate the Scott county probate attorney and the court will have to determine if the probate proceeding is valid and absolutely necessary or not. According to the law, not all estates require a probate. According to the Minnesota Probate Statute, the decedent should have probate assets worth in excess of $20,000.00 or own real estate only in their name alone. A Scott county probate attorney will be well-equipped to provide the necessary assistance in cases pertaining to estates and trusts. Here is a list of procedures that are most frequently used:
Informal Probate: An informal probate is meant for those estates which don’t need any type of judicial adjudication or court supervision. In order to qualify for an informal probate, the estate needs to be free from any kind of legal disputes, uncertainties, and other complex administrative situations. If you are applying for an informal probate then you need to keep in mind that the probate registrar can decline your application if you are unable to meet any or all of the mentioned statutory requirements. Once your form is accepted, the probate registrar will appoint a personal representative.
Formal Probate (Unsupervised/ Supervised): A formal probate in Scott County can be supervised as well as unsupervised depending on the nature of the probate. In all formal proceedings there will be a hearing before the Judge. In Scott County no appearance by the personal representative or the attorney is necessary during this hearing unless there is an objection filed in the court.
Determination of Descent: This is applicable only if there are no prior legal proceedings towards a particular decedent who has been dead for three or more years. In such a case, the statutes will require the management and handling of the estate using Determination of Descent.
Summary Assignment: Summary assignment will be applicable only if the actual gross of probate assets of a particular estate is not more than $30,000.00 and this excludes exempt homestead. There are basically two types of summary assignment: Non-Exempt Summary and Exempt Summary.
Your Scott county probate attorney will be able to tell you, which of the above is applicable in your case and thus provide assistance accordingly.
By: Clint Jhonson
About the Author:
Are you in need of a Scott county probate attorney ? You can find some of the top Scott county probate attorney to assist you in managing estate, handling issues related to trusts and estates.
Lonnie Donnalley
Article – is Probate Really Costly and Lengthy?
A lot of people think that probate is costly and takes a long time, which can be true. There are plenty of horror stories about a probate gone wrong. Indeed, some estates are tied up in probate for years on end, as people fight over who gets what. In these cases, probate can get quite expensive as the fees of the professionals involved (such as accountants, appraisers, lawyers, bankers and so on) add up.
The truth, however, is that this is not the usual way things happen. Probate tends to be quite quick and usually does not cost too much because nearly all estates are simple and small. The delay and cost of probate depends mainly on the size of your estate and what type of assets it contains. Obviously, a large, complicated estate, with many assets, will result in a longer probate.
Nearly all states have a simplified or streamlined procedure if your estate has a fairly low probate value. If your probate assets fall below the state threshold (normally under $20,000) you probably do not need to worry about probate because it is likely to be fast and inexpensive. It could be done in days and cost only a small filing fee.
However, if you have more probate assets – above the simplified threshold (i.e. $20,000) – then your estate will have to go through probate. And, especially for larger estates, probate can be time consuming and expensive.
The most common reason for the delay in living trust or probate is if there are gift tax or estate tax issues. Certain things have to be sorted out before everything can be distributed. Death tax returns are usually due nine months after the death but tricky valuation issues could arise.
The trustee (of a living trust) or the executor (if it is a will) cannot distribute everything properly until he knows how much estate tax or gift tax will have to be paid to the State or Federal government. It can take up to eighteen months after filing the death tax return for the federal and state taxing authorities to review the estate and gift tax returns. If your estate is complicated, it could take several years to complete the probate.
So, the first thing to figure out is the value of your “probate assets.”
Everything that is in your name when you die is potentially a probate asset. However, some assets, that are in your name, upon your death, are not considered probate assets. Common examples include bank accounts with ‘payable on death’ (POD) designations. If you designate someone as the POD for your bank account, they will automatically get the account when you die, rather than putting it through the probate. This also applies to life insurance proceeds if you have designated a life insurance beneficiary.
However, most assets, in your name, will have to go through probate. One way to avoid that is to put the assets into a living trust. Any assets you have in a living trust are in the trust’s name, rather than in your name, and therefore do not go through probate.
It is important to realize that a living trust will not eliminate delays caused by asset collection or tax issues but it will usually speed up the distribution process because the probate court does not have to approve everything done by the trustee. This is one impediment removed.
Living trusts are very flexible and offer many other benefits as well. If you are thinking about getting a living trust, you should think about both the pros and cons before making any decision.
By: Maurice Johnson
About the Author:
The truth, however, is that this is not the usual way things happen. Probate tends to be quite quick and usually does not cost too much because nearly all estates are simple and small. The delay and cost of probate depends mainly on the size of your estate and what type of assets it contains. Obviously, a large, complicated estate, with many assets, will result in a longer probate.
Nearly all states have a simplified or streamlined procedure if your estate has a fairly low probate value. If your probate assets fall below the state threshold (normally under $20,000) you probably do not need to worry about probate because it is likely to be fast and inexpensive. It could be done in days and cost only a small filing fee.
However, if you have more probate assets – above the simplified threshold (i.e. $20,000) – then your estate will have to go through probate. And, especially for larger estates, probate can be time consuming and expensive.
The most common reason for the delay in living trust or probate is if there are gift tax or estate tax issues. Certain things have to be sorted out before everything can be distributed. Death tax returns are usually due nine months after the death but tricky valuation issues could arise.
The trustee (of a living trust) or the executor (if it is a will) cannot distribute everything properly until he knows how much estate tax or gift tax will have to be paid to the State or Federal government. It can take up to eighteen months after filing the death tax return for the federal and state taxing authorities to review the estate and gift tax returns. If your estate is complicated, it could take several years to complete the probate.
So, the first thing to figure out is the value of your “probate assets.”
Everything that is in your name when you die is potentially a probate asset. However, some assets, that are in your name, upon your death, are not considered probate assets. Common examples include bank accounts with ‘payable on death’ (POD) designations. If you designate someone as the POD for your bank account, they will automatically get the account when you die, rather than putting it through the probate. This also applies to life insurance proceeds if you have designated a life insurance beneficiary.
However, most assets, in your name, will have to go through probate. One way to avoid that is to put the assets into a living trust. Any assets you have in a living trust are in the trust’s name, rather than in your name, and therefore do not go through probate.
It is important to realize that a living trust will not eliminate delays caused by asset collection or tax issues but it will usually speed up the distribution process because the probate court does not have to approve everything done by the trustee. This is one impediment removed.
Living trusts are very flexible and offer many other benefits as well. If you are thinking about getting a living trust, you should think about both the pros and cons before making any decision.
By: Maurice Johnson
About the Author:
To find out more about the costs and delays of probate, or the advantages of a living trust, visit How to Avoid Probate or Advantages of a Living Trust.
Maurice Johnson is an attorney and publisher of http://www.free-living-trust-information.com.
Marc
Executor does not probate will, when it is required?
loveandlight asked:
What happens when an individual is named Executor, has the deceased will. Probate is required by that state/province but does not do so? What if the individual claimed intestate in stead because it would better them in the long run? If a person does not probate, what recourse is there?
This would significant.
Deloris Boomershine
What happens when an individual is named Executor, has the deceased will. Probate is required by that state/province but does not do so? What if the individual claimed intestate in stead because it would better them in the long run? If a person does not probate, what recourse is there?
This would significant.
Deloris Boomershine