subject: Fundamental Info About Probate Law [print this page] Probate laws make sure that, after we have died, our goods and possessions are left to people or organizations of our choice. That is why, it is important to draw up a will and know all the probate laws.For example, did you know that a marriage invalidates a previously made will? Laws are the foundation of a healthy society, and probate laws help us make our passing less painful for the loved ones.
The safest way to make sure the loved ones get what they deserve after your passing is dying testate. This means after having made a will. Another good reason why you should leave a will is avoiding the tax on inherited goods. If you are familiarized with the Probate laws you should know that in order to make a valid will, you must appraise the value of your properties and assets. That includes your car, house and even pieces of furniture.
When you die without a will, that is intestate, the law decides the people who inherit your possessions. In this case, probate law specifies that when there are no children or grandchildren, your spouse is left with all your assets. If there are children and grandchildren your properties are shared. Probate law is quite clear in the case when you're not married, nor have any children. In this case your property is distributed among your brothers, sisters, parents, aunts and uncles. As you can tell, probate law makes sure that your goods stay in your most intimate circle.
Living trusts and joint ownership are also included in probate law. These are viewed as ways of bypassing the probate process. The latter can prove to be costly and complicated. Most of the times, it requires the expert services of a probate lawyer. Living trusts can help you avoid the inconvenience of this proceeding but they require a good knowledge of the laws and regulations.
Probate laws regulate topics such as estate administration, transfers and fiduciaries. This type of info is very important because it helps us decide on the best option for administering our estate after we are gone. Understanding the probate law is a form of precaution and an manifestation of love for those that we leave behind.
