A probate document is a form of legal document that involves a probate process, wherein the validity of a deceased person’s will is identified and the property is legally distributed to the beneficiaries. The estate executor is the person who files these legal documents in the local probate court following a person’s death. The probate process is governed by local and state laws, and the size of the deceased person’s estate determines the complexity of the process. In a probate process, a death certificate must be provided, there must be the identification and valuing of financial accounts and properties, payment of estate taxes and any outstanding debts, and distribution of remaining property to the beneficiaries of the will.
What is the difference between a will and a living trust? Although, the main objective of living trusts and wills is designating beneficiaries for their properties, they still serve different purposes. People must create their own will, but whether a person needs a living trust highly depends on his or her 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 prefer to do wills because they are simple and easy to create and doesn’t require any special language to be executed, but wills must undergo a probate process, wherein the court system use it to close decedent’s affairs. In a living trust, while the property is clearly defined, the property is always transferred into a trust. Those people who use living trusts avoid the lengthy probate process, and still retain the benefits of controlling the distribution of properties. Living trusts are more complicated to create than wills, and they can’t be used to name 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 for your will or living trust, you can visit our website or homepage.5 Uses For Forms