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7-step checklist for estate planning. ... Take inventory of all tangible and intangible assets. ... A trust can help speed an estate through probate, minimizing hassles and time. ...
One of the essential steps in the probate process is filing an inventory of all the assets that are part of the estate. This job is the responsibility of the executor, and it's often no small feat.
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In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
However, it can also be granted in cases where the chain of representation is broken. Such would happen, for example, when the executor of a will has obtained probate, but then dies intestate. (Normally, if the executor dies testate, the representation passes to the executor of the first executor's estate upon probate of the latter's own will.
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When probate is required, the executor of the estate must file papers with the local probate court, prove the will is valid and present the court with a list of assets and debts and a description ...
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