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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.
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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 ...
This inventory includes all real and personal property owned by the decedent, remaining balances in banking accounts, 401ks, insurance payments, and much more. Once the administrator properly submits this inventory before the probate court, they may proceed into paying creditors, settling remaining debts, and eventually disposing of the assets ...
The Uniform Probate Code (commonly abbreviated UPC) is a uniform act drafted by National Conference of Commissioners on Uniform State Laws (NCCUSL) governing inheritance and the decedents' estates in the United States.
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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