Beneficiary: Someone who inherits something from an estate with a will. A beneficiary is named in the will.

Codicil: A supplement to a will such as a document or rider that modifies or supersedes an existing provision of the will or creates a new provision.

Conserva…

Probate is handled by the probate court in the county and state in which the decedent lived as their primary residence at the time of death. Note that this refers to the decedent’s state of primary residence, not where they may have been living or vacationing …

The above process describing probate is the process when a will is uncontested. After the will is admitted to court, a hearing on the petition will be scheduled to allow potential heirs and beneficiaries to object. If no objections are received, the court …

Probate isn’t required for many estates but it depends on both the value of the estate and the type of property. If the property in the estate is designed to pass to beneficiaries outside of probate, probate isn’t necessary.

Many states also have a simplified …

The cost of probate depends on many factors including:

State law Local practices The complexity of the estate Whether a probate attorney is involved Whether the will is challenged Executor fees, if any The cost of the surety bond

As a general rule, probate can …

Probate may seem like little more than a time-consuming and expensive endeavor, but there are many important reasons it exists. The purpose of probate is to protect the assets in an estate and ensure they go to the right beneficiaries or heirs while also ensuring …

Probate doesn’t begin automatically when someone passes away. When a will is identified, the executor named in the will can begin the probate process by filing a petition with the court to be officially acknowledged as the legal executor. The will and death …

As a general rule, the probate process takes 9 to 18 months. Some states like Texas and California have a simplified probate process for simple or small estates that don’t require much court oversight. With simplified probate, the process can be completed in weeks.

The probate process varies by state. Some states also have a simplified probate process for small or simple estates.

As a general rule, however, probate goes through a series of steps designed to validate the will, and ensure its instructions are followed, (if …

Probate is the legal procedure in which an estate is settled, debts are paid, and assets are distributed to beneficiaries or heirs. Probate, which is overseen by the state’s probate court, involves first proving a will is valid (if there is one) and then …

There is almost never a legal requirement to use a lawyer during the probate process, although probate can be complex and very formal. Some states like Florida do require an attorney for the probate process. A missed deadline or failing to follow proper …

When someone dies with a will, the personal representative or executor they name will be responsible for handling probate under the control of the state’s probate court, in most cases.

When there is no will, the court will appoint an administrator who manages the …

Serving as a personal representative is a major responsibility and requires a great deal of time. Someone can name more than one person to act as executor of the estate. This can come with downsides as the co-executors must act together and agree on everything. …

Each state has its own laws regarding personal representatives. In most states, it isn’t strictly necessary for the executor to live in the decedent’s state but it certainly makes the process easier and faster.

Being an executor is a major job. If you are named an executor, you do not have to accept. If you agree to serve as the personal representative, you can also resign later if the job is too difficult. The alternate person named in the will can be appointed by the …

The executor has many responsibilities during probate. The personal representative’s primary duties include:

Identifying and creating an inventory of the assets of the estate Determining which, if any, assets fall under probate Receiving any payments due to the …

There is no requirement that the executor be paid, but most receive compensation for the work they do. Personal expenses are always paid and the representative usually receives a fee of around 2% of the estate’s total value. In some states, this is mandated by …

One of the reasons many people refuse to be an executor is the legal liability they face. An administrator or executor who does not perform their duties can face personal liability for any damages they cause.

There are many circumstances in which an executor can …

As a general rule, anyone can be an executor if they are over 18. Some states bar felons from serving as executors. There may also be limits on out-of-state personal representatives who may need to be a primary beneficiary or obtain a bond.

If the court needs to …

A will can’t be contested by just anyone. Typically, only an “interested party” can challenge a will and only for valid reasons. There are three types of people who can challenge a will:

Beneficiaries of a previous will Beneficiaries of a subsequent will Intestat…

If someone contests a will, it begins an often expensive and time-consuming legal process that may last months or years. During a will contest, the person who contests the will must show they have grounds and prove the grounds for contesting a will through …

There are two hurdles for a will to be contested: the individual must have standing to challenge the will and they must have a valid reason or basis for a will contest. In most states, there are just four legal grounds for contesting a will and they are all …

In most states, there is a limited time to legally contest a will. This time limit begins when someone receives the notice of probate. A claim must be filed with the probate court in the county in which the decedent died to contest a will. Depending on the state, …

It can be difficult to determine if a decedent had a will if they did not inform the correct people. Hopefully, the person designated to serve as the executor was informed about the will and its location. In some cases, family members find the will first. In most …

There are many ways to avoid probate. A living trust is one option to hold legal title to certain types of property until the time of death. A trust is a separate legal entity that survives beyond its creator. The property held in a trust bypasses probate and is …

In most cases, the laws of the decedent’s state of permanent residence will be used to solve probate issues, including issues involving the decedent’s property, no matter where it was located.

However, in the case of out-of-state real estate, the laws of the other …

No, but there must be a legal method used to transfer ownership and title of property to heirs and beneficiaries. In most states, some types of property can pass to certain beneficiaries outside of probate or with a simplified probate procedure.

For example, real …

Yes and no. It depends on the state, whether there is a will, and provisions in the will. In some states, the home can only be sold by the executor if necessary to pay valid debts of the estate and it must be done with oversight and approval of the probate court. …

Real estate can only be sold during probate in specific cases. If there is no will, the court-appointed administrator may choose to sell the home and distribute the cash to heirs, especially if there are multiple heirs. There may be compelling reasons to stop …

There are many ways to hold title to real estate, depending on the state. Real estate can avoid probate completely if it’s passed to survivors automatically with ownership options like a living trust, community property laws, a transfer-on-death deed, or joint …

First, an executor must be officially appointed by the probate court. From there, the process is typical of a real estate sale. The executor will usually have a home inspection done and hire a real estate agent. Some agents have a Certified Probate Real Estate …

Creditors take priority before the estate’s assets and property are distributed to beneficiaries or heirs. Part of the probate process requires notifying creditors of the death. Depending on the state, this may involve a notice in the local newspaper or letters …

The executor is not responsible for paying creditors except with estate assets. There are some exceptions, however. An executor can be liable for debts if they cosigned a credit card or loan jointly with the decedent. Executors can also be liable for debts if …

When someone dies, taxes are owed for their last tax year. Upon death, an estate is also created which is a separate tax entity. Depending on the income and size of the estate and the decedent’s income, a final federal income tax return will need to be filed and …

When the estate has enough assets to pay all debts, the creditors can be paid in any order. It’s not uncommon for there to be insufficient funds and even assets to sell to pay all creditors. In this case, state law specifies the priority of creditors and debts.

Mos…

Probate goes through specific steps. Creditors must be notified of the decedent’s death and given time to make a claim. The personal representative must pay legitimate claims from the estate before distributing assets and property. Even without an actual claim …

Most claims by a creditor on an estate are informal and in the form of bills. Sometimes creditors make formal claims during probate. All creditors must still be informed of their right to make a formal claim.

In many cases, a will does contain provisions for minor children. However, a court can overrule these provisions with a specific reason or a justifiable challenge of guardianship from another interested party or family member. The judge may also find the …

Joint tenancy with right of survivorship is a legal ownership option that is often used to pass ownership of a home without a will. Just note that joint tenancy can’t replace a will; it will only apply to real property, not other assets. It simply avoids probate …

Yes. The court won’t follow instructions that are deemed inappropriate. A judge can void a part or all of a will that goes against the law or is otherwise considered inappropriate. A will cannot, for example, terminate someone else’s legal rights or claims.

The requirements for a valid will vary somewhat by state, but the general requirements include:

Legal age. In most states, you must be at least 18 years old to make a binding will. In some states, the age limit is as low as 14 or 16 with exceptions for …

It’s important to keep a will up-to-date. If you wish to make changes to your will, you can create a new will or use a codicil to add changes to your existing will.

Either a codicil or a new will require a signature and the signatures of two (or more) witnesses …

In general, it’s a good idea to create a list of specific items that will be bequeathed and to whom unless you want to leave all of your property to one person — or there are only a few items you wish to bequeath separately.

When making gifts of specific items, …

There is no specific age at which you should make a will. In fact, adults of any age can benefit from a will, even without significant assets. However, there are many circumstances in which you should start thinking about creating a will. If any of the following …

When someone dies without a will, they have died “intestate.” This means the probate court will appoint a personal representative or administrator to identify estate assets, receive claims, pay creditors and taxes, and distribute property according to the state’s …

What happens next depends on the state and circumstances. If a will is missing because it was revoked by the decedent, an earlier will may be used or the state’s intestate succession laws may be used to determine how assets in the estate are distributed. In some …

As a general rule, a will should remain valid even after moving to a new state. However, states have their own laws on what makes a will valid and legally binding. These specific legal provisions can make an out-of-state will invalid, depending on the laws in …

The “reading of the will” depicted in so many movies and television shows are mostly fictional and never happens in modern times. This practice was only common in the past when many people were not literate. No state requires that the will be read aloud to …