Probate

All About Probate Law

All About Probate Law

November 30
00:00 -0001

All About Probate Law

 

Probate Law

Probate law deals with issues in regards to the administration of an estate. Probate law includes certainties that the will is legally valid and that an executor of the estate has been appointed. The will must then be upheld and the estate distributed according to the benefactors wishes.

Probate Estate

The probate estate is the point at which a will can be administered, because the surrogacy court has issued a grant of probate. The will has been found legally valid and beneficiaries can take possession of property.

Wills and Probate

Wills can only be administered once the surrogate court has upheld the will as legally valid. Once the will is declared valid and has entered probate, the will can be administered and beneficiaries may take possession of their inheritance.

Gift

A gift to charity in a will, can lower the value of the estate which can directly impact the estate tax. Gifts to charity may include money or a gift in kind, which may be property. In either case, the value of the gift is subtracted from the value of the estate before the estate tax is applied.

Satisfaction

Satisfaction of the will occurs when all of the beneficiaries have received their intended inheritance. Satisfaction of legacy occurs when a beneficiary was gifted an amount of money or property while the benefactor was still alive, which was meant to count towards their inheritance.

Inter Vivos

Inter vivos means between the living. For example, gifts given during ones lifetimes would be inter vivos gifts, rather than gifts given after death in a will, which would be inheritance.

Probate Forms

Probate forms can be obtained from the courthouse,. These forms are required for an individual to get a grant of probate from the courts.

Community Property

Community property is property which is jointly owned by two spouses. The spouses share equal ownership of that property and in many jurisdictions, a surviving spouse automatically inherits their spouses percentage of ownership of that community property.

Probate Registry

Those individuals that are planning on administering a will, must first go to the probate registry with the appropriate forms. The individuals that goes to the probate registry may be a probate lawyer, but they can also be a beneficiary of the will. The grant of probate does not have to be granted to an attorney and can be granted to any individual that has some authority over the estate.

Trust

Trusts are a legal way of disbursing money or property from a benefactor to a beneficiary. The money may be dispersed while the benefactor is still alive, or the disbursements may begin after the benefactor has passed away.

Codicil

A codicil is used to amend a will. The codicil may take out or add clauses to an existing will. 

 

Share

About Author

admin

admin

Related Articles

Probate news

 Probate Courts Declare “Incapacitation” More Than Ever Probate Courts Declare “Incapacitation” More Than Ever Across the country, many seniors entering their later years are being declared incapacitated, which requires that they are assigned a guardian who will oversee their finances and make all legal decisions affected the senior.
  African Woman Fights for Equal Inheritance Rights African Woman Fights for Equal Inheritance Rights Philani Moyo, a 27 year old woman from Zimbabwe, is fighting the traditional customs of inheritance, as she tries to stay in her childhood home.

Guide To: Probate Lawyers

Guide to Finding Probate LawyerGuide to Finding Probate Lawyer A Probate Court Lawyer is an attorney who specializes in the disposition of an individual's through probate; the formal distribution of a person's possessions property.
Guide to Finding Will LawyerGuide to Finding Will Lawyer Who are Will Lawyers Will lawyers are legal professionals who aid clients in the drafting, upholding and affirmation of all types of wills.
Guide to Finding Estate Planning LawyerGuide to Finding Estate Planning Lawyer What do Estate Planning Lawyers do?Estate Planning Lawyers are those attorneys that specialize in creating and maintaining testamentary documents.