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What Is Probate?

1/11/2019

1 Comment

 
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
  • Personal property such as vehicles, furniture, artwork and jewelry
  • Financial accounts owned individually rather than jointly with the right of survivorship or without a payable on death beneficiary
  • Real estate that is owned individually rather than jointly with right of survivorship
  • An ownership interest in a business whether a sole proprietorship or individually owned shares in a small company.

Assets NOT Subject to Probate
  • Annuities
  • Life insurance proceeds
  • Retirement plan benefits from IRAs, 401(k)s or profit sharing plans
  • Property jointly titled with the right of survivorship
  • Assets held in a living trust or with a designated beneficiary
The Probate Process
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. 

Ram Mishra
​Independent Heritage Agent
1 Comment
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Acquire Financial Solutions, LLC is a Licensed Life & Health Insurance Agency offering Insurance and Financial Solutions. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offering. The information should not be relied upon for purposes of transacting securities or other investments. The content is provided 'as is' and without warranties, either expressed or implied. Acquire Financial Solutions, LLC does not promise or guarantee any income or particular result from your use of the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content.

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