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There may be separate procedures required in contentious probate cases. Real estate or other property may need to be sold to effect the correct distribution of assets pursuant to the will, or merely to pay debts. Estate taxes, gift taxes or inheritance taxes must be considered if the estate exceeds certain thresholds.
Probating an estate is an expensive, time-consuming and sometimes adversarial affair. It is possible, and sometimes advisable, to avoid probate. With the help of an estate planner and, perhaps, an ...
Heirs property, or heirs' property, refers to property that is passed between generations of family members without the involvement of local probate courts, without a will or formal estate strategy. [1] Heir property is commonly viewed as an unstable form of ownership, since co-owners often have limited rights over the property. [2]
In the United States, assets left to a spouse who is a U.S. citizen or any qualified charity are not subject to U.S. Federal estate tax. Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption ...
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.
Probate involves validating the deceased’s will, if one exists, appointing an executor or administrator, identifying the deceased’s property, paying debts and taxes, and distributing the ...
The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs ...
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: for example, a house or money from ...