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Probate
Court is a court found in some jurisdictions which is primarily
concerned with the proper distribution of the assets of
a decedent.
Probate
Court exists to determine the validity of wills, enforce
the provisions of valid wills, to prevent malfeasance by
executors and administrators of estates, and to provide
for an equitable distribution of the assets of persons who
die intestate (without a valid will).
Probate
Courts may also deal with conservatorships, guardianships,
name changes, marriages, and adoptions.
The
probate court can be petitioned by interested parties in
an estate, such as when a beneficiary feels that an estate
is being mishandled.
The
court has the authority to compel the executor to give an
account of his actions.The judge of a probate court is sometimes
known by another name, in accordance with the jurisdiction's
historical tradition.
What is Probate? At death, your will goes through probate.
Probate simply means the process by which your last will
is determined to be your final dispositive statement and
which confirms the appointment of the person or institution
you have named to administer your estate.
The
term "probate" is also used in the larger sense
of probating your estate. In this sense, probate means the
process by which assets are gathered, applied to pay debts,
taxes and expenses of administration, and distributed to
those designated as beneficiaries in the will.
The
executor or personal representative named in the will is
in charge of this process, and probate provides an orderly
method for administration of the estate.
The
executor is held accountable by the beneficiaries (and sometimes
is supervised formally by a probate court).
The
executor is entitled to a reasonable fee or commission.
Probate law generally encourages or provides for partial
distribution during the period of administration; assets
may generally be distributed in kind rather than sold during
this time.
The
tax laws generally focus the responsibility for death tax
filings and payments on the executor under a will.
Thus,
the choice of an executor is an important one.The basic
job of administration and accounting for assets must be
done whether the estate is handled by an executor in probate
or probate is avoided.
In
the recent past, lawyers and other professionals have advocated
the use of probate avoidance techniques (including revocable
trusts) in states where the probate process was perceived
as being too slow and too costly.
Many
states have simplified or streamlined their probate processes
over the years. In such states there is now less reason
to employ such probate avoidance techniques.
Is
probate necessary?If the person who died did not have any
property to transfer, probate is usually not necessary.
The
deceased person’s survivors may decide to open a probate
if there are debts owed or if there is a need to set a deadline
for creditors to file claims.
When
there is property to transfer the probate process also provides
for the distribution of the estate's property to the decedent's
heirs.
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