Monday, August 7, 2017

What Is Probate?

Probate is the legal process whereby a will is “proved” in a court and accepted as a valid public document that is the true last testament of the deceased.
  • Estates
  • Small Estates
  • Non-Probated Wills
  • Protective Proceedings
  • Guardian Ship – Adult &Minor
  • Conservatorship – Adult & Minor
  • Trusts
There are several types of estate cases. It may be necessary to file an estate depending on the circumstances and the assets of the decedent. The court is not able to determine the need to file an estate and does not provide forms for filling.
A small estate may be filed if not more than $75,000.00 of the fair market value of the estate is attributable to personal property and not more than $200,000.00 of the fair market value is attributable to real property.
The Court will file a non-probated will for safe-keeping.
A person interested in arranging limited control over an event (for example, the sale of property) or asset may file a request for protective proceeding hearing with the Probate Commissioner.  Requests may be made by letter and should set out the estimated time needed for hearings.
Guardians are persons appointed by the court to promote and protect the health and well-being of a protected person. Guardians are required to file an annual report within 30 days of the anniversary of their appointment. The court provides a report form for guardians of adults and will accept reports from guardians of minors in letter form.
Conservators are court-appointed persons who administer and protect the estate (assets) of a protected person (a minor or incapacitated person). Unless the assets of the protected person are restricted by court order, the conservator is bonded and must file annual accounts with the court.
A trust is a document that may be created in a last will and testament and is designed to convey money or property from one individual to another. A trustee is a person who administers the trust assets and distributes the assets based on the intentions of the trustor, the individual who leaves property to others through a trust.
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