The processes of estate planning and probate are pretty well connected concepts of estate planning as the process of estate planning is almost impossible without probate. Probate is basically a legal procedure that is supervised by a court. The main purpose of the process is to help in the passage of properties from a deceased person to his chosen beneficiaries.
Relationship of Estate Planning and Probate
There is a deep relationship between the concepts of estate planning and probate. Probate is basically a legal process that is conducted under the auspices of a judicial body. The primary aim of the process of probate is to look after the passage of the properties of a person, who has passed away, to his chosen beneficiaries or heirs.
Process of Estate Planning and Probate
The process of probate starts once the person in question has left the world. After the death the designated executor initiates the process by putting a petition in the court for the purposes of getting an appointment. Having done that, the executor takes charge of the properties and then pays off the various outstanding obligations of the grantor.
After the above mentioned process gets over the executor distributes the remaining property as has been mentioned in the will of the grantor. In case a person has passed away without having made a will then a relative or some one, who is keen, can start the procedure.
It has been observed that in these cases the court appoints an administrator, whose main responsibility is to look after the estate of the deceased. They are also known as personal representatives. The procedures are less complicated if the property is being passed to a partner or if the total financial value of the particular estate is less than $100,000.
Advantages of Estate Planning and Probate
The main advantage of the process of probate is that the disputes of properties are done over with in very short periods of time as a consequence of the well defined laws of operation. The authorities of the probate also look after the interests of the beneficiaries by reviewing the performances of the personal representatives.
Last Updated on : 30th July 2013