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Family Matters Newsletter
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What Is Probate?
Probate
is the process by which legal title to property is transferred from the
deceased person's estate to his/her beneficiaries. The probate process
involves the following: * proving that the deceased person's Will is valid; * hearing any objections to the Will; * identifying and listing the deceased person's property; * appraising the property; * paying any outstanding debts and taxes that are owed; and * distributing the remaining property according to the deceased person's Will. In
Maryland and Washington, D.C., if a person dies without a Will, the
same process occurs except that the probate court appoints a person to
handle any claims against the estate, pay creditors and then distribute
any remaining property in accordance to state laws, which may be very
different from your wishes. Your executor is the person who finds,
secures, and manages your assets during the probate process, which can
take anywhere from a few months to a year. Depending
on the contents of your Will and on the amount of debt you owe, your
executor may have to sell your property. For example, if you owe many
debts, your executor might sell some of your property to pay the debts.
Or, if your Will makes a number of cash bequests to beneficiaries and
your estate consists of non-cash property, your executor might sell
your non-cash property to produce cash to be given to your
beneficiaries. When
drafting your Will and estate plan, it is important to seek legal
advice and guidance to ensure your wishes are carried out. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
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