estate planning basics is a legal process that is carried out with assistance from the courts. It seeks to prove a last will and testament and involves finding all of the deceased's assets so they can be properly distributed. There are a few different steps involved in the process and these are best carried out with the help of a probate lawyer. With this information, individuals will learn more about probate and how they can help their beneficiaries to avoid it.
Important Information on Probate
Each state has its own probate codes which are the laws that govern probate and how wills are checked for authenticity. The first step in the judge will take is to make sure the will presented to the court is the most recent that has been signed by the deceased. If any other wills are found, these will be taken into account to see which was the latest signed. The following are some of the subsequent steps that will be taken in the process of probate.
The executor of estate will be notified of their responsibilities in helping to settle the will. One of the duties of the executor is to account for all of the deceased's assets that are named in the will or unnamed. If there was no will in place, the executor will be named by the court and will still need to gather the individual's assets so they can be named in court. The executor will also be held with the responsibility of making sure all of the assets are protected. Along with planning law , the executor will also do the following.
Discover and inform all creditors that are owed by the deceased.
Place a notice in the newspaper so all possible creditors can be given time to make claims against the estate.
All bills will be paid out of the assets the deceased owned.
Final tax returns will be filed so any owed taxes can be paid.
Distribute the remainder of assets to the named beneficiaries.
How to Avoid Probate
In some instances, an estate can avoid probate so it is important a person meets with a law firm. With the help of an estate planning attorney, an individual can set up trusts and take other measures to reduce the taxes owed on the estate and help to prevent probate issues. will and trust law who are in need of these services are urged to call the office to schedule an appointment.