Step-By-Step Overview of Probate

Step-By-Step Overview of Probate



Category: Estates | Inheritances

Probate” is a legal term for the Court process of transferring assets out of a deceased person’s name and to that person’s heirs and/or beneficiaries.  The difference between the term “heir” and the term “beneficiary” is that an heir is someone that would legally take if a person died without a Will. 

A person’s spouse, for example, or children (if they have either a split family or pass away without a spouse).  A beneficiary is a term used for the person who is legally entitled to receive assets.  An heir can be a beneficiary, but sometimes a beneficiary is not an heir.  For example, I could sign a Will saying that all of my assets go to charity – the charity would be a beneficiary, but not an heir.

One common misconception is that signing a Will avoids probate.

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See the original article here: https://www.jdsupra.com/legalnews/step-by-step-overview-of-probate-5987369/


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