Category: Financial Security for All

Steps in the probate process include:

• Petition for probate of the will or administration of the estate
• Appointment of a personal representative
• Notice to creditors
• Assembly, inventory, and appraisal of property
• Classification and payment of demands against the estate (such as debts of the decedent and liens against his or her property)
• Determination of homestead rights and family allowances
• Management (and sale, if necessary) of property
• Payment of state and federal taxes
• Accounting to the court and distribution of property

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Several tools and planning options are available to ensure that your money, possessions, and real estate are passed on as you would like. All of these legal arrangements have advantages and disadvantages. Use of one or a combination of these tools will be based on your circumstances, your wishes, and the way in which you want to protect your loved ones after death.

Beneficiary Designation: Some assets pass by means other than a will; these include insurance policies, Individual Retirement …

When you begin estate planning, it is important to understand property and the property rights associated with its ownership. The form of property ownership has an important impact on the degree of control during life, as well as how property will be taxed and distributed after death.

All estates are made up of property. It may be tangible property, intangible property, real property, or a combination of the three.

Tangible personal property is property that can be touched or felt, …

IMPORTANT NOTE: The information on this Website is not legal advice. The information in this lesson will provide general information and help to make you a better informed consumer of legal services. It is designed to help families become better acquainted with some of the concepts and tools used in estate planning and to create an awareness of the need for such planning. Laws vary dramatically from state to state, and future changes in laws cannot be predicted. The statements …

The person who carries out the plan for settlement of an estate is called a “personal representative.” This can be a family member or trusted friend, a bank with trust authority, or a trust company.

The court determines whether a proposed personal representative named in a will or trust is legally competent to serve. If legally competent, the court will appoint that person. If there is no will or trust naming a personal representative, a personal representative is named by …

After narrowing the attorney list to two or three, contact the attorneys and request a face-to-face meeting. If you outline your needs in advance, many lawyers are willing to meet with you for a half-hour consultation at no charge. You should ask the attorney whether he or she charges a fee for an initial consultation. During this meeting, pay attention to your comfort level with the attorney. Ask all prospective lawyers:

• What is your experience in this area of law?

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Duties of the Personal Representative

The personal representative:

• Proves the will in probate court
• Collects and inventories property
• Pays bills and collects debts
• Files tax returns
• Manages probate property
• Defends or brings lawsuits, if needed
• Distributes property

Selection Criteria for the Personal Representative

Choose your personal representative carefully. The person you select must be:

• Able to do the job
• Willing
• Able to keep peace among family members
• Able to meet legal requirements
• Conveniently located nearby, if possible

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