What Is Probate?
Probate is the legal process that takes place after an individual's passing to settle their estate. It involves:
Identifying and inventorying the deceased person's property and assets.
Paying the decedent’s debts, taxes, and administrative expenses.
Transferring title to real property into the name of heirs or beneficiaries.
Distributing the remaining assets to the rightful heirs or beneficiaries.
When Does Probate Apply?
Probate can come into play when the following conditions arise:
The deceased individual owned assets solely in his or her name, without a joint owner or designated beneficiary.
The estate has assets subject to probate.
The decedent did not have a valid trust.
Understanding the basics of probate is essential for effective estate planning and estate settlement. By understanding what probate is and when it applies, you can approach a legal procedure with greater confidence and clarity. While probate can be complex, it serves a vital role in ensuring the orderly distribution of assets and the fulfillment of your decedent's wishes. Whether you're planning for your own estate or involved in the probate of a loved one's assets, this knowledge will serve you well in the journey ahead.
If you are need of a probate plan, or you have any general questions or concerns pertaining to probate or any other practice we offer at the law offices of Hector C. Perez, please reach out at hcperez2@yahoo.com or
(562) 484 - 7009
We are happy to help!
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