Tag: Probate

How does a court-confirmed probate sale work in real estate?

How does a court-confirmed probate sale work in real estate?

Properties sold in probate court can be an amazing deal, as they are always sold at decent prices. But there are risks, and probate sales could take a long time compared to the typical traditional real estate transactions. If you are a serious real estate buyer, at some pint you’ll likely encounter a probate sale. […]

How long does probate court take to make a decision?

One of the most frequently-asked questions associated with settling a deceased person’s estate is “How long does it take to probate a will?” The answer depends on several factors. However, in general, probate could take anywhere from a few months to more than a year (or even years). Before we delve into what could affect […]

Lapses of probate fee hike huge relief for newly bereaved

Lapses of probate fee hike huge relief for newly bereaved

The lapses of probate fee hike has provided much relief for newly bereaved individuals. Thanks to the lapses, the chances of high probate fees are low and beneficiaries can get done with probate without spending much. What is Probate? Put simply, probate is a legal procedure your estate undergoes after you pass away. During the […]

Pros and Cons of using TOD accounts to avoid probate

Pros and Cons of using TOD accounts to avoid probate

For one to be able handle a loved one’s estate (properties, assets and other items left behind by that person), he or she would need a grant of probate. The probate is actually what would give an individual permission to handle and settle the affairs of a deceased person’s estate. In some states, applying for […]

Inheritance tax

So many persons may happen to have estates across countries with families and loved ones elsewhere or in some situations where some get married to a foreigner or invest in foreign countries and all these could make estate planning quite challenging. However, synchronizing your international estates will require legal experts with vast knowledge, understanding and wealth of experience in such issues as estate succession and tax laws in the relevant countries that will affect the effectiveness of a will in the event of death. Difficulties In Estate Planning For Expatriates And Multinational Families In spite of the different estate tax laws in different states in America, however, these differences are barely noticeable because they all are founded on the same foundation in legal matters. But the contrary is the case across nations or internationally. While the Americans use the common law, the Europeans and Africans use the civil law. The common law is a legal system developed by judges through decisions of courts and similar tribunals (also called case law), as distinguished from legislative statutes or regulations promulgated by the executive branch. Whereas civil law is Roman law based on the Corpus Juris Civilis; it is the body of law dealing with the private relations between members of a community; it contrasts with common law. It contrasts with criminal law, military law and ecclesiastical law as well. Common Law Offers Significant Planning Pliability As regards estate planning, common law allows or gives an individual (the trustor) the freedom to decide who and who to receive what and what, he or she has the liberty to decide how his or her properties or estates should be distributed when he or she dies. Hence, a will is very vital as it determines how the estate of the decendent is to be distributed via the probate process. However, a trust can help avoid the probate process and the taxation of the estate likewise. Also based on common law, the estate is normally taxed before it is transferred to the beneficiary or named heir. Meanwhile, in a situation where there's no will, the estate becomes intestate and it is distributed based on the state laws. Civil Law Operates Based On Succession This is similar to the intestate laws followed in common law in the absence of a will when an individual dies. This implies that even while alive an individual cannot determine how his or her estate should be distributed in the event of his or her death. So, a will is almost of no use in civil law unlike in common law. Again, taxation of the estate takes place during distribution unlike in common law where the estates are taxed before distribution. That is, the heirs or beneficiaries of the estate are being taxed in civil law. Meanwhile, a trust is of no relevance when civil law is in operation. Citizenship and Residency An expatriate should have a good understanding of the laws and requirements concerning citizenship and residency in any country he lives and in which he possess properties. The estate plans of an expatriate will not only be altered by relocating to a new place with different laws, but also how long he or she intends to stay in the new location is another contributing factor and likewise how much of his riches he invests in the new location. International Transfer of Tax Credits The transfer tax for an expatriate is determined by the following factors; 1. The type of assets 2. The location of the assets 3. The accessiblity of tax credits in significant areas where there is an overlap of levied taxes 4. The relevance of an estate tax agreement or protocol between the US and the country of residence Usful techniques for international tax estate planning includes; Wills, Trusts, Life insurance, Gifting, personal investment companies, college savings etc. Estate Planning In The Case Of A Non-citizen People live, work and own properties overseas and happen to marry from their country of residence or a foreigner altogether. Sadly, the difficulties in taxation faced by American expatriates also occurs in a situation where they marry foreigners. In spite of having a permanent resident in the US, spouse who are foreigners do not enjoy the unlimited marital deduction on gifts and inheritance transferred to them by their spouse. Although they enjoy the 2019 $11.4 million lifetime exclusion.

Having a will and planning your estate is important. Here we are going to consider why. Before we delve into that, let’s look at what estate planning is. What is Estate Planning? Estate planning has a lot of definition. You see, if you understand the concept behind estate planning, you would be able to create […]

How do I find probate documents?

How do I find probate documents?

Probate is regarded as a court-backed process that must happen after a person’s death to enforce their will, supervise the sharing of assets, and more. Several individuals find themselves faced with these proceedings after the death of a loved one. Because this is always an emotionally hard time, it can be beneficial to know what […]

How soon must a probate be filed?

How soon must a probate be filed?

While everyone is mourning and finding out ways to bury a loved one who had recently passed away, isn’t there supposed to be someone else assigned to handle the deceased’s estate? I know this question is what many people would’ve asked at one point in time but the fact here is that loosing a loved […]

What you should know about applying for probate online

What you should know about applying for probate online

In some areas, the probate process is something that is considered as a very hard task and people always find it difficult to go through the whole stressful process. Especially after loosing a loved one, most people are always thrown into a state of devastation or grief and this is why they find it hard […]

3 Ways to Keep your Estate Out of Probate

3 Ways to Keep your Estate Out of Probate

After your passing, your estate will have to undergo probate. The probate process is done for a few reasons. First off, it is carried out to determine the authenticity of your will. Secondly, it is done to administer your estate. In other words, this process if carried out to ensure that your estate is well […]

Definition of PROBATE

Definition of PROBATE

Meaning of Probate Probate is the legal process of proving and accepting in a court of law that a will is a valid public document which is the true last testament of the deceased. Probates prove the validity of the will of a deceased person before the will can be used to dispose the properties […]