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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.
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 state 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.
joint ownership of assets and naming death beneficiaries, making lifetime gifts, and; purchasing life insurance. If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
Bypassing probate allows assets to pass more quickly to those who are meant to inherit them. It saves money : Probate can come with costly attorney and court fees — especially if someone ...