Probate: Do You Know The Basics?
While probate laws and customs have changed over the years, its primary purpose is the same—people submit their intentions regarding the transfer of their property at the time of their death, usually in the form of a will. Thus, when a person dies, their property is collected, remaining debts are paid accordingly from their estate and the property is distributed. FindLaw describes the probate process of today as one that is court-supervised, so as to sort out the transfer of a person’s property.
In discussing the probate process, it’s important to understand that it exists to protect everyone involved. However, much of what is spoken regarding probate is how to avoid it. This is because the process itself can be lengthy, complicated and expensive, particularly if probate is contested.
With this in mind, there are ways that probate can be skipped altogether. For instance, some assets can be transferred “outside” of the probate process when one dies. This displaces much of the burden placed upon an estate’s personal representative, or PR. After all, there are numerous responsibilities of a PR, including paying debts and taxes, as well as identifying open accounts and financial tasks. What’s more, a PR must compile reports regarding the estate, and make sure that beneficiaries and others are informed. At some point, the PR might need to go back through the court system when assets need to be sold. Without question, a tremendous amount of time is required to fulfill the duties of the PR.
Attorney Robert Turner of Turner Law is an estate-planning expert in Georgia, with over 25 years of experience and education in probate and tax law. With his sophisticated techniques in estate and probate planning, Mr. Turner places a high value on protecting one’s assets. That’s why individuals and families seek his services time and time again.
From building and protecting assets, to planning your estate and navigating the probate process, call Turner Law, LLC, for the qualified legal counsel and the resources you need.
Posted on the behalf of Turner Law, LLC