|
|
Carleen & Caramanica, P.C.

An individual's estate for probate purposes consists of those assets owned by that
individual, in his own name, at the time of his death. It does not include life
insurance proceeds (unless the policy is payable to the estate), assets held jointly
with the rights of survivorship, or most assets held in trust for the benefit of the
person who died (decedent). At the time of death the distribution of those assets
that make up the probate estate are overseen by the probate court. This is necessary
to ensure that all the debts of the estate are paid and that the decedent's heirs and
devisees received the portion of the estate to which they are entitled. This is
called the probate process. The probate process begins with filing the decedents
will with the court and notifying all those interested by mail, and by publication
in the newspaper. After notice has been given to all interested parties, and
assuming no objections, the court will appoint the individual named in the will
as executor. The executor holds title to the estates assets and is responsible
for inventorying all the estates assets, accounting for any income received during
the administration, preparing estate and income tax returns, paying the debts of
the decedent, and transferring title of the assets to those beneficiaries and heirs
as listed by the decedent in his or her will. A properly crafted estate plan, which
inventories all assets in advance, will streamline the probate process resulting in
lower costs of administration. Attorney Carleen will assist the executor and family
members of the decedent in every facet of the administration including probating the
will, preparing the estate and income tax returns, and completing and filing the
final accounting to the court for approval.
|
 |