Let’s go through a scenario. Kevin stands at the door of Winnie’s nursing home room,…
Have you thought about what will happen to your assets and property after your death? How will probate affect your beneficiaries? Even if you have a will, your estate may go through the probate process. A probate court supervises the transfer of a decedent’s assets and property. The judge makes sure that creditors receive their payments. The court also oversees the process of distributing assets and property to beneficiaries. This is where an attorney from Faloni Law Group LLC can help. Faloni attorneys can help you to better understand how probate affects your family and beneficiaries, and help you take the appropriate action.
Here are some facts about the probate process:
Going Through Probate with a Will
Each state has its own laws about the probate process. Their aim is to make sure creditors receive payment. They also want to see beneficiaries receive their share of the estate.
If a person dies testate, this means that the decedent has a valid will. The will includes the names of beneficiaries who should receive assets and property. The will also contains the name of an executor who will handle the affairs of the decedent. As well, the executor is responsible for bringing the will to court to start the probate process.
Going Through Probate without a Will
Intestate succession is the process of going through probate without a will. The probate court will name an administrator to handle the matters of the decedent. The administrator has the same duties as the executor of a will. Since there is no will, state laws determine which relatives will receive the assets and property of the decedent. The following blood relatives may receive assets and property after creditor and tax payments:
• Sisters and brothers
Estate Planning Lawyers
An experienced NJ estate planning attorney at NJ offices can help you with planning the distribution of your estate. Your relatives will not have to worry about the division of your estate after your death. Here are some things a NJ estate planning attorney can help you with:
• Writing a valid will
• Creating a living trust
• Preparing a testamentary trust
Probate can be a time-consuming process. The Faloni Law Group LLC can help you with the complex testate and intestate succession laws. They can also help you with your estate planning needs.