What Is Probate And How To Avoid It

By: Jeremy Radnor

Probate is the legal process of  overseeing that the estate of a deceased person has all claims resolved and distributing the property of the deceased through a legal will.   In order to ensure the validity of a will, it must go before a surrogate court.  One the validity is determined, a probate interprets the instructions of the will left by the deceased, decides the executor as the personal representative of the estate, and adjudicates the interests of heirs and other parties who may have claims against the estate.  Normally, if the deceased has a spouse, the estate is passed on to the spouse and the process of probate is not needed.  In the case there is no spouse, then the court must step in and go through probate. 

There are steps however, that everyone should use, to eliminate the need for probate even if there is no spouse to take over the estate.  These steps include:

·         Update your life insurance policy and will regularly

·         Work with an attorney and notary

·         Make known all family members who may have an interest in your estate

·         Do not designate a minor as a beneficiary 

Links:

http://en.wikipedia.org/wiki/Probate

http://www.lifeinsurancerates.com/how-to-avoid-probate.html

http://www.nolo.com/article.cfm/pg/2/objectId/D9BA6916-E332-44C0-AE554616F9337002/catId/9F594B71-B41B-4513-923BF19B4D9ACDAA/309/227/FAQ/