At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Probate is the process of proving a will and settling an estate after an individual (decedent) dies.
Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.
One of the essential steps in the probate process is filing an inventory of all the assets that are part of the estate.
Adult children may anticipate, but are not legally entitled, to an inheritance.
What is an unsupervised administration and why is it better than other types?
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
There is a general understanding that every adult should have a last will and testament. However, for most people, exactly how that will is used remains a mystery.