– Probate is based on state law and varies in length depending on the state.
– If a deceased person has a valid will, probate begins when the executor presents the will to the courthouse.
– If there’s no will, the court will appoint someone to administer the estate.
– The process involves filing a petition with the probate court, providing notice to beneficiaries, taking an inventory of the deceased’s property, and meeting obligations to creditors and paying taxes and debts. – Ownership of assets is transferred to beneficiaries named in the will, following a waiting period for creditors to file claims.
– If the deceased died without a will, state law governs the disposition of assets.
– The executor must petition the court to distribute assets as provided by the will or state law.
– Certain assets, such as joint accounts or designated beneficiary accounts, are exempt from probate.
– Joint ownership with rights of survivorship and a revocable living trust are ways to avoid probate.
– Probate is a public process, but there are strategies to protect privacy and save time and money for the family.
– KSDT CPA can help with implementing these techniques and navigating the probate process.
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