to ensure that their assets are dispersed according to their will. The process is often complicated and therefore it’s essential to work with an attorney in probate to help you through it.
If someone dies having only assets, probate will be filed. These include property, bank accounts, investments, and any other items of value. Probate is required when the deceased owns any business.
The probate court is responsible for overseeing the entire probate procedure. The probate, also known as a court decree that appoints a personal representative to oversee the estate of an individual who has died. The personal representative is responsible for collecting the assets of the estate, paying for debts and taxes, then disbursing the rest of the assets to beneficiaries.
The most efficient method to divide the assets of an estate is via an estate trust. Trusts are legal arrangement in which the trustee oversees property for the benefit of a beneficiary. A trustee is appointed to manage the assets in the trust and to distribute it according to the rules that the trust has set out. Trusts can help keep probate out of the way, cut down on taxes, and protect the assets from creditors.