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Probate
Common questions from a a a a newly entrusted/appointed estate trustee are “Do we we have to Probate?” and and “What is probate and and why do we we need it? Probate
Probate
is is is a a a a a a a a a a a rather formal procedure establishing the 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 the official “proving” of of of the the the the will will probate asks for the the the the court’s involvement Fortunately not all wills need to go through probate Such a a a a a a determination will will be dependent upon a a a a a a testator’s unique situation Whether to to spend your time and effort most most planning to to to avoid probate depends on a a a a a a a a a a number factors most 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 simple will may be all you you need need Similarly if you you have very little property the need 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 does several things:
• Identifies 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 executor trustee or or if you you you die
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