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After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly. Executors "step into the shoes" of the deceased and have similar rights and powers to wind up the personal affairs of the deceased.
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
Probate is a legal process that verifies the validity of a deceased person’s will. This includes addressing debts and distributing remaining assets. If you die without a will or a living trust ...
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.
Probate comes with various costs, including court fees, attorney fees, appraisal fees, and executor fees. These expenses can significantly erode the overall value of the estate. Of course, other ...
Heirs in Virginia can avoid probate entirely for estates under $50,000 by using a small estate affidavit. This legal form lets one heir collect assets by swearing they’re entitled to the assets.