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Today I'm going to discuss a topic that a lot of people have been calling and asking me about. It's sometimes an intimidating and confusing topic because it involves real estate, law, and finance. However, I'm going to clear the air a bit for you.
Probate Law
Probate is a legal process that occurs after someone has died, which includes:
- Proving that the decedent's will is valid.
- Inventorying the decedent's property.
- Appraising the property.
- Paying debts and taxes.
- Distributing the remaining property in accordance with the will.
A Living Trust
Also called a revocable living trust, this is a way of avoiding probate court, which will always be costly to your beneficiaries.
- This can help you to avoid probate court because when the trustmaker dies, the trust itself will live on.
- This allows for the successor trustee named in the trust agreement to legally take control of the trust and assume the position of the trustmaker, thereby gaining control of bank accounts and investments.
If you are unfortunately stuck in the process of probate court, you can do something to help yourself.
- You can request the court or your attorney to file you as a full authority representative with the IAEA
- IAEA is the Independent Administration of Estates Act: If granted, this gives you the full authority to settle the estate with minimal interference from the courts.
- There are restrictions to this Act, so be sure to consult a real estate attorney if you are in this troubling situation.
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