Settling a person's affairs after he or she dies can be complicated and overwhelming for people who are also struggling with grief. However, there is a process in place to ensure everything is resolved properly and fairly: probate.
After a person passes away, his or her estate must be settled. This includes distributing property, which people typically expect. But it also includes paying off debts, which can catch some people by surprise.
If you have young children, protecting them by providing for their future can be one of your primary estate planning goals. And you might do this by leaving a sizable sum of money or your entire estate to them.
After a person passes away, his or her estate will likely go through probate. This is the legal process of validating a will (if one exists) and distributing the decedent's property. To know what you can expect during this process, you should first understand that there are different types of probate.
When people talk about estate planning, the topic of avoiding probate almost certainly comes up at some point. And often, people reach the conclusion that avoiding probate is essential.
Creating a will is an important decision for every adult. This document can establish your medical, financial and legal wishes should you ever become incapacitated or pass away, making it is a valuable tool for everyone affected by your estate plans.
After someone passes away, it is necessary to resolve matters related to his or her estate. These matters could be financial, legal, personal or logistical. And the person responsible for addressing these details is typically the personal representative named in the decedent's will.
Probate can be an overwhelming process, even when it goes smoothly. When there are disputes, it can only make the situation that much more upsetting.
The probate process can be a confusing, frustrating experience for people who are still grieving the death of a loved one. Selected parties must make decisions on how to distribute assets, how to interpret a decedent's wishes and how to take care of the people and property the person left behind.