A probate document is referred to as any legal document involving a probate process, determining a deceased person’s will and the properties are legally distributed to the beneficiaries. These legal documents are filed by the estate executor with the local probate court following a person’s death. The probate process is governed by local and state laws, and the size of the deceased person’s estate determines the complexity of the process. The probate process must include presenting a death certificate, identification and giving value to any material property and financial accounts, payment of estate taxes and any outstanding debts, and distribution of remaining property to the beneficiaries of the will.
What is the difference between a will and a living trust? The primary purpose of living trusts and wills is designating beneficiaries for property, yet they serve different purposes. It is important to create a will, but whether they need a living trust highly depends on their age, marital status, and financial circumstances. In a will, there is a clear description of the properties to be dispersed, and it determines the person or people who should get it. Most people like to use wills than living trusts because they are easy and simple to make and does not require any special language to be executed, but wills should undergo a probate process and it is a lengthy and expensive process, wherein the court system use it to close decedent’s affairs. The property is also clearly defined in living trusts, and the property is usually transferred into a trust. Those people who use living trusts avoid the lengthy probate process, and still retain the benefits of controlling the distribution of properties. As compared to wills, living trusts are more complicated to make, and they cannot be used for naming guardians for children or an executor. The advantages of living trusts include avoiding the time consuming and expensive probate process, and it can help in the protection of all manner of property, which includes the flexible planning of a standard will.
The probate court issues the letter of testamentary to the executor of the estate of a deceased person in a probate process, authorizing the executor to settle the estate as outlined in a deceased person’s will. The executor is responsible for the protection of estate assets, ensuring the named beneficiaries shall receive their share of the estate, and an executor opens a bank account for the estate, obtains an employer identification number from the IRS, files an inventory and appraisal of assets, sends notice to creditors and pays all debts owed by the deceased, and files tax returns. If you want to know more about living trusts and wills, you can consult our paralegal expert by visiting our website or homepage.Experts – My Most Valuable Tips