Probate

Estate Planning

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Probate

Probate
The legal process of transferring of property upon a person's death is known as "probate." Although probate customs and laws have changed over time, the purpose has remained much the same: people formalize their intentions as to the transfer of their property at the time of their death (typically in a will), their property is collected, certain debts are paid from the estate, and the property is distributed. Chester Clem has the experience and expertise to assist you and your family with the administration of the probate process. Probate Administration Today the probate process is a Court-supervised process that is designed to sort out the transfer of a person's property at death. Property subject to the probate process is that owned by a person at death, which does not pass to others by designation or ownership (i.e. life insurance policies and POD "payable on death" bank accounts). A common expression you may have heard is "probating a will." This describes the process by which a person shows the Court that the decedent (the person who died) followed all legal formalities in drafting his or her will. What is often taught about the probate process is how to avoid it. The movement to avoid probate is primarily motivated by the desire to avoid probate fees. There are three primary ways to avoid probate and its protections: joint ownership with the right of survivorship, gifts, and revocable trusts. The probate system, however, exists for the protection of all the parties involved. What Happens in Probate? The probate process may be contested or uncontested. Most contested issues generally arise in the probate process because a disgruntled heir is seeking a larger share of the decedent's property than that he or she actually received. Arguments often raised include: the decedent may have been improperly influenced in making gifts, the decedent did not know what they were doing (insufficient mental capacity) at the time the will was executed, and the decedent did not follow the necessary legal formalities in drafting his or her will. The majority of probated estates, however, are uncontested. The basic process of probating an estate includes: collecting all probate property of the decedent; paying all debts, claims and taxes owed by the estate; collecting all rights to income, dividends, etc.; settling any disputes; and distributing or transferring the remaining property to the heirs. Usually, the decedent names a person (Personal Representative) to take over the management of his or her affairs upon death. If the decedent fails to name an Personal Representative, the court will appoint a personal representative, or administrator, to settle the estate. Typically, people may leave property to any person they wish, and may make such designations in their will. However, in certain situations, depending on the relationship to the decedent and the laws of the state, the decedent's wishes may have to be overridden by the court. For example, a spouse is entitled to a certain amount of property. Furthermore, creditors may have a claim on the property of the estate. Each jurisdiction usually prescribes how long an estate must be open to give creditors an adequate time frame in which to present claims to the estate. The more complex and sizable the estate, the longer and more time-consuming this process can be. Why do I need a will? A will is simply a formal way of setting forth your wishes regarding how you would like your property distributed upon your death. You should consider a will whether you are single, married, have minor children, or own even a small amount of personal assets or property. In fact, every adult should have a will or other means to control the disposition of their assets. If you have not formalized your intentions, your estate may meet with unnecessary and costly litigation, adding to the grief experienced by your survivors. Avoiding the financial and emotional turmoil of will contests and other legal wrangling starts with choosing an experienced estate planning attorney such as Chester Clem.
By visiting this website, you have requested information about Chester Clem, P.A. The content herein should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any such content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in Florida. The hiring of a lawyer is an important decision that should not be based upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. Chester Clem, P.A. 2145 15th Avenue Vero Beach, FL 32960-3435 772-978-7676 772-978-7675 (Fax) Copyright 2024. ChesterClem.com. All Rights Reserved. Website Powered by PD/GO Digital Marketing