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Living Trusts Riverside Paralegal: Understanding the Importance of Probate Document Preparation A probate document is considered a legal document involving a probate process, wherein the validity of a deceased person’s will is determined 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 probate process is governed by local and state laws, and the size of the deceased person’s estate determines the complexity of the process. The probate process must include presenting a death certificate, identification and giving value to any material property and financial accounts, payment of estate taxes and any outstanding debts, and distribution of remaining property to the beneficiaries of the will. How are living trusts different from wills? Although, the main objective of living trusts and wills is designating beneficiaries for their 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 living trusts, while the properties are clearly defined, these are usually transferred to a trust. Those people who use living trusts avoid the lengthy probate process, and still retain the benefits of controlling the distribution of properties. As compared to wills, living trusts are more complicated to make, and they cannot be used for naming guardians for children or an executor. The advantages of living trusts include avoiding the expensive and time-consuming probate process, protecting all manner of property and including the planning flexibility 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. An executor in a probate process is the one who obtains an employer identification number from the IRS, opens a bank account for the estate, file an appraisal and inventory of assets, sends notice to creditors and pays all debts owed by the deceased, and files tax returns. If you are looking for a paralegal expert to help you with your will or living trust, you may visit our website or homepage.Getting Creative With Services Advice

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