Probate Estate and Trust Administration
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Probate Estate and Trust Administration
The actual meaning of probate is: proving that the will actually belong to the individual at hand. However, the word, “probate” is often used to describe the court procedures used to administer an estate. If you expire without a will (called “intestate”), your estate still must be probated.
There are three basic objectives to probate:
- Verify the decedent’s assets.
- Resolve disputed creditor issues and pay any outstanding bills and debts.
- Manage the distribution of the decedent’s estate according to the will or by the applicable state laws if there is no will.
Once the probate process is completed, the spouse and family members can be assured that all of the decedent’s affairs are closed and there are no outstanding issues. The biggest disadvantage of probate is that the details of the decedent’s estate will be made available via public record, which includes the type of and amount of the estate.
Estate administration can be complicated. The people you have designated must have competent attorneys to lead them through the complex process. Often, there are many important decisions to make and they need help to ensure they make the right decisions. They also may need to prepare an inventory of your property, sign other important documents on your behalf, or even prepare tax returns. Inevitably they must distribute your property to those individuals you identified in your will or trust agreement.