Page 39 - Overton Funeral Home

is is is a a a a a a a a rather formal procedure establishing the the the the validity of of of a a a a a a a a a a Will Will and is is is the the the the official “proving” of of of the the the the Will Will Probate
asks for the the court’s involvement and is not not cheap or or quick Fortunately not not all Wills need to go through probate such a a a a a a a determination will be dependent upon a a a a a a testator’s unique situation In the event an estate requires probate taxes will have to be paid Whether to to spend your time and effort planning to to to avoid probate depends on a a a a a a a a a a number of factors most notably your your your age your your your health and your your your wealth For some people a a a a a a a a a a simple Will may be all you you need - adopting a a a a a a a a a a a complex probate avoidance plan now may mean you you you will have have to re-do it it it as your life situation changes Similarly if if you you have have very little property the need to avoid probate may not be such an an important consideration Regardless the more information you you share with your advisors/representatives the more likely you you you are are to have an an estate plan that best fits your needs This guide is is not intended to be a a a substitute for specific individual tax legal or or estate settlement advice as certain of the the described considerations will not be be the the same for every estate Accordingly where specific advice is necessary or or appropriate consultation with a a a a a a competent professional is strongly recommended Question #1 What is probate?
Probate
is a a a a a a legal process where your named estate trustee(s) goes before a a a a a a a a court and and does several things:
• Identifies and and catalogues all property owned by the the deceased • Appraises the the property and and pays all debts and taxes • Proves that the the the Will is is valid and and and legal and and distributes the the the the property to the the the the heirs as the the Will instructs Typically probate involves paperwork and and court court appearances by lawyers lawyers The lawyers lawyers and and court court fees are paid from estate property which would otherwise go to the the the people who inherit the the the deceased person’s property Probate
usually works like this: After your your death the person you you you you named in your your Will as estate trustee - or if you you you die without a a a a a a a a Will the the person appointed by a a a a a a a a judge files papers in in the the the local probate court The executor proves the the the validity of of your Will and and presents the the court with lists of of your your property your your debts and and who to inherit what you’ve left Then relatives and creditors are officially notified of of your death Question #2 Why is probate necessary?
The primary function of of probate is transferring the the the title of of the the the decedent’s property property to to their heirs and/or beneficiaries If there there is is no no property property to to transfer there there is is usually no no need for probate Another function of of probate is to provide for the the the the collection of of of any taxes due by reason of of of the the the the deceased’s death or or on on on the the the the transfer of of their property The probate process also provides a a a a a a mechanism for for payment of of outstanding debts and and taxes of of the estate for for for setting a a a a a a a a deadline for for for creditors creditors to to to file claims (thus foreclosing any old or or or or or or unpaid creditors creditors from haunting heirs or or or or or beneficiaries) and for the the the distribution of of the the the remainder of of the the the estate’s property to ones’ rightful heirs Question #3 How long does probate take?
The duration varies with the the the size and complexity of of the the the the estate the the the the difficulty in in locating any beneficiaries of of the the the the Will if if there is one and under law If there is a a a a a Will contest or anyone objects to any any actions of the the Personal
Page - OvertOn Funeral HOme Inc OvertOn Funeral HOme Inc - Page 39