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Probate is the process of proving a will and settling an estate after an individual (decedent) dies. The cost of probate depends on several factors. One of the most significant is the state in ...
[1] [2] [3] Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or ...
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.
Stalley, [3] a Michigan lawyer relied on the official text of the Uniform Probate Code and failed to check the statute as it had been adopted in Florida. As a result, the lawyer missed a filing deadline on a $3,760,909.49 claim.
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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.
How living in a community property state can affect your spouse. If you live in a state with community property laws, your spouse could be responsible for any unpaid medical debts after you die.
Also, the estate tax was found to impose a large compliance burden on the U.S. economy. Past studies by the same group estimated compliance costs to be roughly equal to the revenue raised – nearly five times more cost per dollar of revenue than the federal income tax – making it one of the nation's most inefficient revenue sources. [81]