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Have you been thinking of the future and wondering how best to take care of your family? You may think that creating a will means you can avoid probate – unfortunately, that is not the case.
If you’ve just become the executor of an estate, you may be wondering: is probate necessary? Probate is not necessary when the deceased’s assets are not the kind of assets that are required to go through probate or when the value of the estate falls below a particular state’s small estate limit.
If you’ve been named executor of an estate or find yourself in a position to administer an estate, your first thought may be to hire a probate attorney. But before you rush to sign an agreement, you may want to think carefully about whether you actually need one.
If you’re looking ahead to the future and considering how to care for your loved ones after you’re gone, then you’ve probably wondered how to avoid probate.
While creating a will is a good first step, it’s only that — a first step.
You are not required by law to file probate documents. However, if you do not file, you will not be able to legally transfer title of any assets that exist in the decedent’s name. So while you may not be required to file, it’s likely in your best interest to do so.
The executor of an estate has a host of responsibilities — from notifying heirs to managing assets. But an executor’s authority isn’t endless. There are limits on what an executor can and cannot do.
As the executor of a will or administrator of an estate, you are required to notify heirs-at-law, beneficiaries, and creditors. You may notify a number of other individuals and entities as well.
If you’ve been named the beneficiary in a will, you’re probably wondering what a beneficiary’s rights are. First things first: a beneficiary in a will has no rights before the creator of the will has died.
If you’ve been named executor of an estate, you’re probably feeling a range of emotions — from honored to overwhelmed. You’re also likely wondering what exactly an executor’s duties are.
I truly believe every successful entrepreneur has a deep emotional reason why they do what they do… otherwise we would quit. It is just simply too hard, we sacrifice too much to build our companies. This is my story, my reason why I endure the hardships, struggles and self-doubt.
Probating a will isn’t always simple, but it doesn’t have to be hard. In fact, many people can probate a will without using an attorney — as long as they understand the process and have the right resources.
With little fanfare Nevada passed new rules which make administration of small estates much easier. What does this mean for you?