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Probate is also the process of settling the estate of someone who dies without a will (intestate). Probate may be long and complicated if the estate is large and there are many beneficiaries.
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.
In general, the process of probating any assets should be avoided where possible because probate is time consuming, often taking 9-15 months, and can be expensive with court costs and attorney’s ...
Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees. Specific legacy (or specific bequest) – a testamentary gift of a precisely identifiable object.
The probate court will then oversee the process of distributing the deceased's assets to the proper beneficiaries. A probate court can be petitioned by interested parties in an estate, such as when a beneficiary feels that an estate is being mishandled. The court has the authority to compel an executor to give an account of their actions.
Probate can take a long time, and it can also cost your estate a fair amount of money. So that alone makes a will less than optimal. But here's the thing that really bugs me about wills and probate.
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