Probate is not a term that people might know off the top of their heads. It might be something you hear in passing but might not understand what it means.
Probate:
If your will and legal documents are not correctly produced, the court will not execute your wishes after your death.
Probate is the formal legal process that recognizes a will and appoints the executor or personal representative to administer the estate and distribute assets to the intended beneficiaries. The laws of each state vary, so it is a good idea to consult an attorney to determine whether a probate proceeding is necessary, whether the fiduciary must be bonded (a requirement that is often waived in the will) and what reports must be prepared. Most probate proceedings are neither expensive nor prolonged, contrary to the claims of many vendors selling living trust and other products. The American Bar Association
Probate with a will – individual dies testate
· The will becomes an active document upon the will-maker’s death and establishes the legatees for the designated property.
· Will must be “filed” with the court and accepted
Probate without a will – individual dies intestate
· The state laws on intestacy are used to determine the heirs of property owned by the deceased
· Intestate laws vary from state to state
If you are unsure what intestacy means or need some guidance to ensure your family is protected, contact me.
