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Do You Owe The AMT?

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Probate 101: What You Need to Know to Conduct Your Estate Planning

November 14, 2017

Probate is the term for a legal procedure that is used to settle a decedent’s estate, when they have not taken the appropriate estate planning precautions. It is a process through which the court validates the will if one existed, appoints an administrator if there was no will, or grants authority to the executor if there is a will. This process ensures that the property is distributed, that taxes are paid and also enables the legal transfer of the ownership of the property. get help avoiding probate in NJ

All of a person’s property is subject to probate proceedings whether or not a will exists, except for that property that is put inside a trust, property subject to a transfer on death deed, life insurance proceeds, payable on death accounts or property owned in joint tenancy with another person.

 

The property outlined in these categories automatically passes to the joint tenant, the trust beneficiary or the designated beneficiary – although it could still be subject to estate and inheritance taxes if you have not taken the appropriate estate planning precautions. Consulting with a knowledgeable estate planning lawyer can give you a better overview of the types of stages that estate planning requires and how you can get the benefits provided by someone who can help you select the strategies and tactics necessary for protecting your interests.


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Schedule your free Exploratory phone call

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can be of assistance.

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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more