A probate document is considered a legal document involving a probate process, wherein the validity of a deceased person’s will is determined and the properties are legally distributed to the beneficiaries. The estate executor is the person who files these legal documents in the local probate court following a person’s death. Local and state laws govern any probate process, and the size of the deceased person’s estate highly determines the complexity of the probate process. In a probate process, a death certificate must be provided, there must be the identification and valuing of financial accounts and properties, payment of estate taxes and any outstanding debts, and distribution of remaining property to the beneficiaries of the will.
How are living trusts different from wills? Although, the main purpose of living trusts and wills is designating beneficiaries for properties, they still 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 prefer to do wills because they are simple and easy to create and doesn’t require any special language to be executed, but wills must undergo a probate 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. Most people who use living trusts want to get away with the lengthy probate process, and want to retain the benefits of controlling of their property distribution. Living trusts are more complicated to create than wills, and they can’t be used to name 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. In a probate process, the executor mails notice to creditors and pays all debts owed by the deceased, obtains an employer identification number from the IRS, opens a bank account for the estate, files an appraisal and inventory of assets, and files tax returns, protecting estate assets, ensuring the named beneficiaries shall receive their share of the estate. If you are looking for a paralegal expert for your will or living trust, you can visit our website or homepage.The 9 Most Unanswered Questions about Experts