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Probate Planning
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Probate Planning


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In eBook #3: Understanding Probate, Robert L. Shepard and™ …

In eBook #3: Understanding Probate, Robert L. Shepard and™
explain the important factors of probate court that directly affects you and
your survivors.
Under probate, state laws determine who is in control of your estate and where
your assets go. If you do not provide instructions to allocate and disburse your
property and assets upon your death, the court will take control of your estate.
The court, known as probate court, will confirm that there is a will, estate
plan or trust and designate a court appointed executor to administer document
instructions. The length of time and cost for probate depends on the details in
your end-of-life documents.

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  • 1. End-of-Life-Management Workshop #3 ©2013 Passare Inc. All Rights Reserved
  • 2. The dead cannot cry out for justice. It is a duty of the living to do so for them. Lois McMaster Bujold ©2013 Passare Inc. All Rights Reserved
  • 3. Definition: Probate • Probate is a court-supervised process to transfer property to your beneficiaries upon your death as directed by your will. ©2013 Passare Inc. All Rights Reserved
  • 4. Benefits of Probate • Provides court supervision to ensure your property is accounted for and distributed as described in your will. • Probate makes it difficult for unsecured creditors or others to claim any interest in your estate, once the creditors’ claim period expires. ©2013 Passare Inc. All Rights Reserved
  • 5. 2 Probate Activities 1. Probating the Will: • Establishes the validity of the will and appoints a personal representative. 2. Administering the Estate: • Implements the provisions of the will under the jurisdiction of the probate court. ©2013 Passare Inc. All Rights Reserved
  • 6. Probate Court • • • • • • • • Identifies property Pays debts Locates your heirs Distributes property to those heirs Handles mental incapacity determinations Guardianship Conservatorships of adults May appoint a conservator for an incapacitated person • Administers that person’s estate for several years more. ©2013 Passare Inc. All Rights Reserved
  • 7. Probate assets do not become the property of the beneficiaries until the probate process is complete and the court approves the final distribution. ©2013 Passare Inc. All Rights Reserved
  • 8. How-to Avoid Probate • Living trust • create and fund a revocable living trust. • Shift property ownership • Real estate, bank accounts, and securities owned as joint tenancy with right of survivorship are not subject to probate when one owner dies and there is a surviving owner. • Trust or account • Bank, brokerage, and mutual fund accounts may include a pay-on-death or transfer-on-death designation. • Hire an attorney • An attorney and/or accountant usually must be hired to help administer your trust or other non-probate estate and to prepare the estate tax return. ©2013 Passare Inc. All Rights Reserved
  • 9. Probate and Administration Fees • Fees are based on property, which is subject to probate • Fees do not include life insurance, retirement accounts, or joint tenancy property ©2013 Passare Inc. All Rights Reserved
  • 10. 7 Steps to the Probate Process • Executor files a probate petition, along with a copy of the will. • Copies of the petition are sent out and published • 4 to 6 weeks later the court determines who shall be named as executor or administrator of the estate. • Anyone who believes the deceased owed them money must file a creditor claim. • Executor or administrator marshals the assets, and evaluates the creditors’ claims. • Executor or administrator proposes a distribution plan to the court. • Once the court approves it, the estate is distributed and probate is closed. ©2013 Passare Inc. All Rights Reserved
  • 11. What to Do Next • Arrange your financial affairs to reduce your family’s estate tax liability • Minimize the impact of probate on the administration of your estate after your death. ©2013 Passare Inc. All Rights Reserved
  • 12. There’s MORE! 1. 2. Get a Full Probate Checklist Glossary of Probate Terms Download our FREE Understanding Probate - eBook Get Your FREE eBook Sources: ©2013 Passare Inc. All Rights Reserved