Page 25 - Shalom Memorial Chapels

IMPORTANT DOCUMENTS
Locate as as many of the following documents as as possible: wills deeds bank books stock certificates military discharge papers social insurance insurance card tax forms vehicle and boat titles insurance insurance policies etc DEATH CERTIFICATES
Before the the business and legal issues of of the the the estate can be be pursued it will be be necessary to obtain certified copies of of the the the death certificate You can order them from from the the the funeral director or or or directly from from the the the Registrar of Vital Statistics in your area It is is is always better to order a a a a a a a a a a few more than what you you think you you will will need Most agencies will will only accept certified death certificates and not photocopies Administration Of A A Will Wills are simple inexpensive ways to address many estates But they don’t do do it all Here are so things that may not be accomplished in in a a a a will:
• Named beneficiaries for certain kinds of property although sometimes wills contain beneficiary designations that overrules previous ones A will cannot be used to leave:
• Property you held in in joint tenancy
with someone else At death the deceased’s share will automatically belong to to the the surviving joint tenant(s) A will provision leaving the the the the deceased’s share to someone other than the the the surviving joint joint tenant tenant would have no effect unless all joint joint tenants died simultaneously • Property that was transferred to a a a a a living trust • Proceeds of a a a a a life insurance policy for which there is a a a a a a a a named beneficiary • Money in in a a a a a a a pension plan individual retirement retirement account (IRA) 401(k) (RRSP or or RRIF) plan plan or or other retirement retirement plan plan Probate
Probate
is the the the process that transfers legal title of of property from the the the the estate of of the the the the person who has died (the decedent) to their proper beneficiaries The term term probate refers to a a a a proving of of the existence of of a a a a a a a valid will or determining and proving who one’s legal heirs are if there is is no will Since the the the the deceased can’t take it it with them probate is is the the the the the process used to determine who gets their property Property left through a a a a a will usually must spend several months or or a a a a a a a year tied up in probate court before it it it can be be distributed to the people who inherit it it it Probate
is not cheap or quick Because probate requires court approval the process can tie up property for a a a a a a a a a year or or or more In addition probate may may be expensive Estate
lawyers who may may charge a a a a a a a a a a a a flat fee fee percentage or an an hourly rate usually handle probate Their fees and and court costs may cost cost up to 5% of the estate’s value or or or more if problems or or or litigation arise A will is is a a a a a a a a a a a very personal document and and and may reveal private family and and and financial issues and and and concerns But once once it it is is entered into the court record it it becomes public and can be be inspected by anyone QUESTION #1 WHAT IS PROBATE?
Probate
is a a a a a legal process where your named executor goes before a a a a a a a a a court to to to to have the the will proven as valid and to to to to be given the the the right to to to administer estate property and prove the the will Typically probate involves paperwork and if the will is challenged a a a a a a a a a a a a a court court appearance by lawyers lawyers The lawyers lawyers 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 will as executor - or or if you you you die without a a a a will will Shalom Memorial Chapels Inc 25