Skip to main content

Understanding Probate

In general, probate is the legal process that clears an estate executor to carry out the intentions of a deceased person's will - including the payment of outstanding debts and distribution of remaining assets. If there is no will, or no executor named, a probate jurisdiction or court may appoint an administrator to resolve the dissolution of the estate, sometimes for a proportionate fee. But, probate can also demand painstaking accounting of details, depending on the size and complexity of the portfolio, and the various laws under which some contracts exist. Different jurisdictions across the country have different laws and legal terminology. 

For example, in some cases, a simple transfer of funds may not even require probate, such as awarding a surviving spouse or beneficiary the proceeds of an insurance policy. But, in other cases, property may need to be liquidated rather than directly inherited. It can get more complicated if assets are invested under specific terms or in another country. However, probate needn't be overlay complicated if plans are made in advance. So, have separate chats with your heir(s), your executor and your lawyer to ensure your intentions are made clear- and are set out in a legally binding will. 

Comments

Post a Comment

Popular posts from this blog

7 Ways to Make Your Home Cozier This Winter Without Spending

As the temperatures continue to drop, we'll all be spending more time indoors. There are countless ways to make your home feel cozier for the winter if you have extra money to spend, but if you're being mindful of your finances after the holidays, here are some ideas to help you do it without spending. Bring Out the Blankets As the temperatures drop, it’s time to bring out all of those extra throw blankets and quilts you have lying around in storage. Drape blankets over your couches, chairs, beds, and ottomans; fill a blanket ladder and display it in the corner of a room; or fold extra blankets and place them in the corner. Sticking to warm textures such as wool where possible will help to make the space feel cozy. Light Candles Lighting some candles around your home is one of the easiest ways to make your space feel cozy, and who doesn’t have a stash of candles sitting around somewhere in their home? Not only will the flickering light add a sense of warmth and charm, but your ...
Post a Comment
Read more

Bathroom Upgrade Options

Whether you're looking for easy, affordable changes or a major renovation, there are many ways to enhance a bathroom environment. Beyond the basics like decorative colour-coordinated accessories to match curtains, mats and towels, enhanced upgrades like a spa-inspired showerhead and a touchless faucet will add personal comfort and convenience. Depending on your budget, a total makeover might include new tiling. If so, consider a few hand-painted accent tiles to make your bathroom truly unique. More spacious projects might include the addition of a two-sink vanity or a soaker tub.  Bidets are also becoming more popular as they become more affordable. If you don't have the room to add a luxurious stand-alone bidet, some newer toiles are dual purposed, while others can be accessorized with an add-on set attachment for a comparable hygienic experience. No matter what your bathroom makeover budget may be, you can achieve a fresh transformation simply by making a creative paint selec...
Post a Comment
Read more

3 Reasons To Invest In Smart Technology

AI is becoming more and more a part of modern life. Whether you are for it, against it, or somewhere in between, embracing AI at home can have considerable benefits. Save $$$ - With smart technology, you can set usage modes based on time of day or set vacation mode with your thermostat, lights, and refrigerator. If you forget to turn down the heat before you leave, you can remotely control it with your phone from anywhere. Time  - saving alerts and reminders – Have you ever put a load of laundry in the washer only to forget about it until the next day? With smart technology, you can receive alerts when your laundry is complete. For the kitchen you can now buy smart fridges that track food inventory and expiration dates and notify you when items are running low. Security – Wouldn’t it give you peace of mind if you got a notification when the oven was left on or the front door was unlocked? Smart technology can do just that and rectify the situation – remotely. There are now also sm...
Post a Comment
Read more