Thursday, September 17, 2009

Is a Probate a Body Part Susceptible to Cancer?

No. Then what the heck is probate? Probate is the name for the court's administration of a person's will after death. (Thus, without a will, there is no probate.)

Probate can take months. The executor named in the will is responsible for

1) filing the will with the court
2) taking control of the assets of the estate and using them to pay outstanding debts and taxes
3) filing an accounting of those payments with the court
and
4) distributing what's left, in accordance with the will.

However, most people benefit from a will, for the reasons outlined in the "You Probably Need a Will" posting.

Fortunately there are many ways to make probate -- a necessary evil -- shorter and cheaper. More to come.

Here's a teaser: Estates valued under a certain amount (it varies by state), can qualify for a very simplified probate process.

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