A probate document is referred to as any legal document involving a probate process, determining a deceased person’s will and the properties are legally distributed to the beneficiaries. An estate executor files these legal documents with the local probate court following a person’s death. The complexity of the probate process largely depends on the deceased person’s estate, that is governed by local and state laws. In any probate process, a death certificate should be provided, as well as identification and value of material properties and financial accounts, payment of estate taxes and any outstanding debts, and distribution of any remaining property to the beneficiaries of the will.
How are living trusts different from wills? The primary purpose of living trusts and wills is designating beneficiaries for property, yet they serve different purposes. It is important to create a will, but whether they need a living trust highly depends on their age, marital status, and financial circumstances. In a will, the description of the property to be dispersed is clearly stated, and it specifies the one who should get it. Most people like to use wills than living trusts because they are easy and simple to make and does not require any special language to be executed, but wills should undergo a probate process and it is a lengthy and expensive process, wherein the court system use it to close decedent’s affairs. In living trusts, while the properties are clearly defined, these are usually transferred to a trust. Most people who use living trusts want to get away with the lengthy probate process, and want to retain the benefits of controlling of their property distribution. However, living trusts are more complicated to make than wills, and they cannot be used for naming guardians for children or an executor. Living trusts avoid the expensive and time-consuming probate process, and it can help protect all manner of property, which includes the flexible planning of a standard will.
In a will probate process, the probate court issues letters of testamentary to the executor of the estate of a deceased person, authorizing the executor to settle the estate as outlined in a deceased person’s will. The executor is responsible for the protection of estate assets, ensuring the named beneficiaries shall receive their share of the estate, and an executor opens a bank account for the estate, obtains an employer identification number from the IRS, files an inventory and appraisal of assets, sends notice to creditors and pays all debts owed by the deceased, and files tax returns. If you are looking for a paralegal expert to help you with your will or living trust, you may visit our website or homepage.5 Uses For Forms