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September 14, 2012
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Probate is not a four letter word

Sometimes I think "probate" is a four letter word. Many people are more concerned about avoiding probate than avoiding the IRS. Yet, many people do not understand what probate is.

Probate is the court-supervised process of transferring assets from one generation to the next. Under strict laws and deadlines, a judge requires the executor to gather your assets, pay your creditors, file your last tax return, and then distribute the assets. If you leave a Last Will and Testament, then the judge generally directs that the assets be divided as you instructed. Think of a Last Will as legally-enforceable instructions …

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The Record Courier Updated Sep 14, 2012 07:30PM Published Sep 14, 2012 07:28PM Copyright 2012 The Record Courier. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.