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Living Trusts Riverside Paralegal: Understanding the Importance of Probate Documents A probate document is referred to as any legal document involving a probate process, determining a deceased person’s will and the properties are legally distributed to the beneficiaries. An estate executor files these legal documents with the local probate court following a person’s death. The complexity of the probate process largely depends on the deceased person’s estate, that is governed by local and state laws. In a probate process, a death certificate must be provided, there must be the identification and valuing of financial accounts and properties, payment of estate taxes and any outstanding debts, and distribution of remaining property to the beneficiaries of the will. How are living trusts different from wills? The primary purpose of living trusts and wills is designating beneficiaries for property, yet they serve different purposes. People must create their own will, but whether a person needs a living trust highly depends on his or her age, marital status and financial circumstances. In a will, the description of the property to be dispersed is clearly stated, and it specifies the one who should get it. Most people like to use wills than living trusts because they are easy and simple to make and does not require any special language to be executed, but wills should undergo a probate process and it is a lengthy and expensive process, wherein the court system use it to close decedent’s affairs. In living trusts, while the properties are clearly defined, these are usually transferred to a trust. Most people use living trusts for avoiding the probate lengthy process, and still retaining the benefits of controlling the distribution of properties. However, living trusts are more complicated to make than wills, and they cannot be used for naming guardians for children or an executor. The advantages of living trusts include avoiding the expensive and time-consuming probate process, protecting all manner of property and including the planning flexibility of a standard will. In a will probate process, the probate court issues letters of testamentary to the executor of the estate of a deceased person, authorizing the executor to settle the estate as outlined in a deceased person’s will. In a probate process, the executor mails notice to creditors and pays all debts owed by the deceased, obtains an employer identification number from the IRS, opens a bank account for the estate, files an appraisal and inventory of assets, and files tax returns, protecting estate assets, ensuring the named beneficiaries shall receive their share of the estate. If you are looking for a paralegal expert for your will or living trust, you can visit our website or homepage.News For This Month: Forms

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