Probate attorneys provide assistance after the death of a loved one when assets must transfer through the probate process. However, a death is not the only circumstance where going to court may be necessary. Probate courts can also preside over other legal proceedings, including the proceedings that become necessary when a guardian or conservator must be named for [ ] The post Understanding Guardianship Proceedings in Probate Court appeared first on Nirenstein, Horowitz & Associates P.C..
What Is Intestacy from Barry D Horowitz The probate court would supervise the administration of the intestate estate. A personal representative would be appointed to handle the estate administration tasks. Intestate Succession Laws After outstanding debts are paid, the intestate estate would be distributed using intestate succession laws. Learn more about What is intestacy in this presentation. [ ] The post What Is Intestacy appeared first on Nirenstein, Horowitz & Associates P.C..
There is a legal process called probate that plays a very big role in the estate planning field. You may assume that assets can be distributed immediately after you die if you create a will, but this is really not the case. The estate must be probated before the heirs can receive their inheritances when a will is utilized to transfer assets. Probate is in place to provide oversight, but it is time-consuming, and it can be expensive. As a result, it does not always benefit the heirs to the estate. Property that is considered to be probate property would be subject to the process. However, there are some types of transfers that are not subject to the probate process. We will look at some of them in this blog post. Payable on Death Accounts A payable on death account is an account that has a beneficiary. These accounts are offered at banks and many brokerages. Sometimes this type of account is called a transfer on death account. The beneficiary cannot access the resources in the account
The process of probate is something that you should fully understand when you are engaged in your inheritance planning efforts. This process can enter the picture when assets are changing hands after someone dies. The probate court steps in to provide supervision when certain circumstances exist. For example, when someone passes away without any estate planning documents at all, the condition of intestacy is the result. Someone has to handle the business of the estate, so the probate court is responsible for intestacy case. A personal representative would be appointed by the court, and this individual would become the estate administrator. Final debts would be paid, and remaining assets would be distributed according to the intestacy succession rules of the state of Connecticut. If you were to maintain direct personal possession of your property throughout your life and direct its distribution through the terms of a will, you can nominate an executor in the document. After your pass