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Living Trusts Riverside Paralegal: Understanding the Importance of Probate Documents A probate document is referred to as any legal document involving a probate process, determining a deceased person’s will and the properties are legally distributed to the beneficiaries. The estate executor is the person who files these legal documents in the local probate court following a person’s death. Local and state laws govern any probate process, and the size of the deceased person’s estate highly determines the complexity of the probate 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 wills different from living trusts? Although, the main objective of living trusts and wills is designating beneficiaries for their properties, they still serve different purposes. People must create their own will, but whether a person needs a living trust highly depends on his or her age, marital status and financial circumstances. In a will, there is a clear description of the properties to be dispersed, and it determines the person or people 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. The property is also clearly defined in living trusts, and the property is usually transferred into a trust. Those people who use living trusts avoid the lengthy probate process, and still retain the benefits of controlling the distribution of properties. Living trusts are more complicated to create than wills, and they can’t be used to name guardians for children or an executor. The advantages of living trusts include avoiding the time consuming and expensive probate process, and it can help in the protection of all manner of property, which includes the flexible planning 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 want to know more about living trusts and wills, you can consult our paralegal expert by visiting our website or homepage.Smart Tips For Uncovering Services

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