Probate can play an essential part in deceased persons’ estates; therefore, making decisions about probate can be a long process. The basic concept is that the property must pass through a series of steps before the executor receives it and may hold it. One of these steps is the “settlement” phase, where the surviving spouse or relatives of the deceased must agree to transfer the property and pay any debts that remained from the property before the settlement. This can often take several months to complete and may even be a county proceeding.
Often, people with larger estates do not have legal personal representatives. However, many people choose to retain legal representatives to handle their estates. If there are no living beneficiaries, then an executor is appointed by the court. Although this is the most common way to appoint an executor, sometimes one or more relatives may act as an “agent” or “attorney” on behalf of the deceased estates. In these cases, the probate court may order to be appointed an “agent” or attorney. These attorneys are not considered agents for probate, but their role is more like that of a corporate executive.
Probate court allows deceased estates representatives to settle minor claims and distribute the estate to the remaining beneficiaries. They also have the authority to pay the debts and distribute the remaining assets. However, these agents’ primary duty is to settle the estate and distribute the property as described in the last will and testament. An estate plan must include a plan for the agent’s services. The will should be signed by both the person who is alive and the person who is dead.
There are several ways that people can avoid probate while they are still living. You should make sure that all of your wishes are followed, including the desires of your estate. It can be helpful to prepare your own will or hire a lawyer to draft the will. Also, it can be helpful to transfer the powers of probate to a trust. This gives those planning the opportunity to control the assets’ distribution and ensure that their wishes are followed.
You can also select to have a ‘personal representative’ appointed. This is another way to bypass probate, especially if you are relatively young or rarely live in the same area as your deceased estates. You will need to appoint at least one person, called a master of the house, who will represent the estate and manage the trust. If your estate is large and complex, you may choose to name more than one master of the house. Once the master of the house dies, his or her estate is left in the other named master’s hands.