The Basics of Estate Planning Probate Explained For You
So, what is estate planning probate?
It’s when a person dies, and their estate will be distributed to their heirs. It's under a will or in accordance with the state's law if nobody is present. The laws of the state vary, so it’s a good idea always to consult a lawyer that will assist you in estate planning probate.
Most estate planning probate proceedings are not prolonged nor expensive. It’s contrary to the claims of vendors that sell other products and living trust.
How Probate Works?
It's the transfer and analysis of the administration of estate assets that a deceased person owns. When the owner dies, the assets will be reviewed by the probate court. The court will provide the final ruling on the distribution and division of assets to the beneficiaries.
Should Probate be Avoided?
The living trust is usually marketed will allow you to avoid the probate upon your death since probate is a court-supervised process in managing the estate and transfer of property at death, under will. Such property includes a retirement plan or life insurance proceeds passed through the named beneficiary.
And while it is true that property passing under the terms of the living trust upon death will avoid the probate, it should always be noted that there may or may not be the actual value in that result.