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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.
The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. [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 ...
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.
[1] Another definition is the "administration of an estate's asset's in another state." [2] This is often a necessary procedure in probate, because the decedent may own property in a state other than his domicile, which is subject to the law of the state in which it sits. Generally, an ancillary administration proceeding should commence in any ...
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 ...
For US tax purposes, a technical termination may be caused if more than 50% of the partnership interests change hands in the same (US) tax year. A new partner may buy into the business in three ways: by purchasing an interest directly from existing partners; by making an investment in the business, or; by contributing assets from an existing ...
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