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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 state where the deceased resided at the time of their death.
Probate courts administer proper distribution of the assets of a decedent (one who has died), adjudicates the validity of wills, enforces the provisions of a valid will (by issuing the grant of probate), prevents malfeasance by executors and administrators of estates, and provides for the equitable distribution of the assets of persons who die ...
Indian Country, as defined by Congress in 1948 (18 U.S.C.A. 1151) is: a) "all land within the limits of any Indian reservation under the jurisdiction of the United States government, notwithstanding the issuance of any patent, and including rights-of way running through the reservation, b) all dependent Indian communities within the borders of ...
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.
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.
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 ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Another burden is Virginia’s rare probate tax of $1 per $1,000 of assets, which can mean thousands in extra costs. Furthermore, the entire probate process is public, which can open your estate ...