Posts tagged ‘Probate’

Many people are still unaware of probate which can be considered as a legal process that takes place when a person dies. This legal process includes:

• Providing in court the valid will of the deceased person.
• Identifying the property of a deceased person.
• Paying taxes and debts of the deceased person.
• Having the deceased person’s property appraised.
• Distributing the property of the deceased person as directed in the will.

Probate usually involves paper works which are done by probate solicitors. The solicitors and court fees are usually paid from the deceased person’s estate property which would otherwise ideally go to the people inheriting the property

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It is often seen that when a person dies the rightful heirs don’t get a major chunk of the estate during probate. Your loved ones can not get access to your estate for a long time during the probate proceedings. If you don’t want your loved ones to face this problems you should take a few measures.

Estate planning is very important so that your near and dear ones don’t have to bear the cost of procrastination. The first thing to do is to mention the right beneficiaries in your life insurance and retirement account. When you provide correct information all your retirement fund, life insurance money and annuities will directly go to the beneficiaries.

Try to create joint accounts so that the joint tenants with the right of survivorship title get hold of the assets after your death. Ask your bank to put a Transfer on Death registration or Pay on Death designation. In both of the cases there is no need for probate.