Probate is the court supervised process by which a decedent’s assets are transferred to his heirs, either by his Will, or if there is no Will by the statute of intestate succession. The word "probate" has its origins in the Latin "probatum" which means a "thing proved" and "probare" which means "to prove".
Assets Subject to Probate
Assets NOT Subject to Probate
The probate process involves notifying the decedent’s heirs at law and the beneficiaries of the decedent’s Will of the existence of the Will. The notice provides them the opportunity to contest the Will in the event that the decedent did not have the requisite mental capacity or was unduly influenced by a beneficiary. The probate process also involves compiling a list of the decedent’s assets so that the assets may be distributed according to the decedent’s wishes. Finally, probate involves accounting for all of the assets in the decedent’s estate, including the payment of estate taxes, debts and expenses incurred by decedent during his life or as a result of the administration process.
An executed and fully funded Heritage Living Trust will avoid Probate. Visit http://heritagelivingtrust.agency/mishra/ for more information.
Independent Heritage Agent
One of the best ways to build or acquire wealth over time is to invest your money into real estate assets, but the reality is that many people are reluctant to invest. Some of the top reasons that people forget about building wealth are: They don’t feel they have enough money, don’t know how to get started, don’t feel confident in the market, and a lot is due to the recent financial crisis. To build wealth over time, you need to do 4 main things: 1. You need to make money, 2. you need to save money (which includes budgeting, getting basic insurance to protect your paycheck and family), 3. you need to get rid of 'bad' debt, 4. you need to invest your money into assets that generate income.
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Start your own home based business which can generate massive and/or passive income, prepare for the future, maybe even retire early, and remember to Acquire Financial Solutions to protect your paycheck, your family, your estate so that when times get tough, you are prepared and ready for tough times ahead.