What is Probate and How Can I Avoid it?
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Probate is the court-supervised legal process that determines the validity of your Will (if there is one) gathers your assets, pays your debts, taxes and the expenses of administration; and then distributes the remaining assets to those persons entitled to them.

Probate can be time consuming and frustrating for your family, and it�s always public. In some states, families with very small estates may be able to use abbreviated probate procedures or avoid probate entirely.

It is possible to structure your finances so that significant assets will pass to others outside of the probate process. For example, a house owned by two persons jointly with rights of survivorship will pass directly to the survivor. Life insurance, IRA, and pension plan proceeds can go directly to a named beneficiary; and property in a Trust will avoid the probate process as long as the property is owned in the name of the trust.


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This content is for information only and may be incomplete. It is not intended to be legal or tax advice.
You are encouraged to consult with your own attorney, accountant or other advisor.




 
     
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