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Writing a will
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<blockquote data-quote="CHenry" data-source="post: 3264934" data-attributes="member: 6281"><p>I did some research and found thi interesting explanation. This one section answered a lot of questions and we are all wrong here.</p><p></p><p><span style="font-size: 15px"><strong>Is Probate Always Required?</strong></span></p><p>It is important to know whether a probate is required following the death of an individual. The probate process can take a long time to finalize. The more complex or contested the estate is, the more time it will take to settle and distribute the assets. The longer the duration, the higher the cost. Probating an estate without a will is typically costlier than probating one with a valid will. However, the time and cost required of each are still high. Also, since the proceedings of a probate court are publicly recorded, avoiding probate would ensure that all settlements are done privately.</p><p></p><p></p><p>Different states have different laws concerning probate and whether probate is required after the death of a testator. Probate is not required if the value of the decedent’s estate falls below a certain amount; an amount that varies from state to state. For example, probate laws in Texas hold that if the value of the estate is less than $50,000, then probate may be skipped. If an estate is small enough to bypass the probate process, then the estate’s asset may be claimed using an affidavit signed under oath by a beneficiary.</p><p></p><p></p><p>Some assets can bypass probate, meaning that probate is not required for the transfer of these assets to beneficiaries. Pension plans, life insurance proceeds, <a href="https://www.investopedia.com/terms/1/401kplan.asp" target="_blank">401k plans</a>, health or medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly owned with a right of survivorship and property held in a <a href="https://www.investopedia.com/terms/t/trust.asp" target="_blank">trust</a> are likely to bypass the probate process.</p><p></p><p></p><p>Because of the costs of court involvement in the probate process and the potential for involvement of lawyers who collect fees from the estate of the deceased, many people try to minimize costs associated with the probate process. There are tremendous legal and tax complexities in the probate process, so it is advisable to have a will and speak with a lawyer and financial professional to ensure that your loved ones are not left with the complicated and often messy task of distributing the assets of your estate upon your passing.</p><p></p><p>Read the entire thing here</p><p><a href="https://www.investopedia.com/terms/p/probate.asp" target="_blank">https://www.investopedia.com/terms/p/probate.asp</a></p></blockquote><p></p>
[QUOTE="CHenry, post: 3264934, member: 6281"] I did some research and found thi interesting explanation. This one section answered a lot of questions and we are all wrong here. [SIZE=4][B]Is Probate Always Required?[/B][/SIZE] It is important to know whether a probate is required following the death of an individual. The probate process can take a long time to finalize. The more complex or contested the estate is, the more time it will take to settle and distribute the assets. The longer the duration, the higher the cost. Probating an estate without a will is typically costlier than probating one with a valid will. However, the time and cost required of each are still high. Also, since the proceedings of a probate court are publicly recorded, avoiding probate would ensure that all settlements are done privately. Different states have different laws concerning probate and whether probate is required after the death of a testator. Probate is not required if the value of the decedent’s estate falls below a certain amount; an amount that varies from state to state. For example, probate laws in Texas hold that if the value of the estate is less than $50,000, then probate may be skipped. If an estate is small enough to bypass the probate process, then the estate’s asset may be claimed using an affidavit signed under oath by a beneficiary. Some assets can bypass probate, meaning that probate is not required for the transfer of these assets to beneficiaries. Pension plans, life insurance proceeds, [URL='https://www.investopedia.com/terms/1/401kplan.asp']401k plans[/URL], health or medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly owned with a right of survivorship and property held in a [URL='https://www.investopedia.com/terms/t/trust.asp']trust[/URL] are likely to bypass the probate process. Because of the costs of court involvement in the probate process and the potential for involvement of lawyers who collect fees from the estate of the deceased, many people try to minimize costs associated with the probate process. There are tremendous legal and tax complexities in the probate process, so it is advisable to have a will and speak with a lawyer and financial professional to ensure that your loved ones are not left with the complicated and often messy task of distributing the assets of your estate upon your passing. Read the entire thing here [URL]https://www.investopedia.com/terms/p/probate.asp[/URL] [/QUOTE]
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