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Living Trusts Riverside Paralegal: Increasing Awareness and Understanding About Probate Documents A probate document is referred to as any legal document involving a probate process, determining a deceased person’s will and the properties are legally distributed to the beneficiaries. These legal documents are filed by the estate executor with the local probate court following a person’s death. The complexity of the probate process largely depends on the deceased person’s estate, that is governed by local and state laws. In any probate process, a death certificate should be provided, as well as identification and value of material properties and financial accounts, payment of estate taxes and any outstanding debts, and distribution of any remaining property to the beneficiaries of the will. How are wills different from living trusts? Although, the main purpose of living trusts and wills is designating beneficiaries for properties, they still serve different purposes. It is essential that people create their own will, but whether a person needs a living trust highly depends on his or her marital status, age, and financial circumstances. In a will, the description of the property to be dispersed is clearly stated, and it specifies the one who should get it. Although wills require probate process which is lengthy and expensive, most people prefer to use wills because they are simple and easy to create and doesn’t require any special language to be executed. In a living trust, while the property is clearly defined, the property is always transferred into a trust. Most people who use living trusts want to get away with the lengthy probate process, and want to retain the benefits of controlling of their property distribution. Living trusts are more complicated to create than wills, and they can’t be used to name guardians for children or an executor. The advantages of living trusts include avoiding the time consuming and expensive probate process, and it can help in the protection of all manner of property, which includes the flexible planning of a standard will. In the probate process of wills, the probate court issues letters of testamentary to the executor of the estate of a deceased person, that authorize the executor to settle the estate as outlined in a deceased person’s will. In a probate process, the executor mails notice to creditors and pays all debts owed by the deceased, obtains an employer identification number from the IRS, opens a bank account for the estate, files an appraisal and inventory of assets, and files tax returns, protecting estate assets, ensuring the named beneficiaries shall receive their share of the estate. If you are looking for a paralegal expert to help you with your will or living trust, you may visit our website or homepage.Looking On The Bright Side of Experts

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