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Yes.
Yes.
Yes.
Yes.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes.
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What is better a revocable trust or will?
If you have a lot of assets a trust may be a better choice. Dividing the assets after death will probably be easier, and you may be able to legally avoid some taxes. Basically with a trust you avoid the involvement of probate court. Even with a will, probate court is involved.
How do you avoid paying debtors in probate?
You can't legally not pay the debtors if there are assets. It is one of the primary purposes of having probate, to clear up all debts. Only if the estate doesn't have the money to pay them can it be avoided.
Do Certificates of Deposit avoid probate?
A certificate of deposit is a type of savings certificate that entitles the owner to collect the balance including interest after its maturity date. A certificate of deposit in and of itself does not avoid probate. However, depending on how the certificate is titled, probate may be avoided by adding a beneficiary to the account. The owner of the certificate can name a "payable on death" beneficiary to the account at the time the certificate is issued.
Which annuities avoid probate?
Annuities with designated beneficiaries typically avoid probate because they pass directly to the named beneficiaries upon the annuitant's death. This can help to expedite the transfer of assets and avoid lengthy legal processes. It's important to keep beneficiary designations up to date to ensure assets pass to the intended recipients.
What does pod mean regarding estates?
Pod regarding estates means that the estate is only payable on death. This is a free will that allows you to choose who will become your heir and can only be implemented once you die and helps to avoid the probate process.
Is it legal for the executor of an estate to lock up the home of the deceased and keep beneficieries from entering?
Yes, the executor is responsible for securing the assets. Although co-operating with beneficiaries to avoid contentious probate is always wiser
Can you avoid probate by having your adult child on your bank accout?
yes
What is the purpose of a conscience clause?
A conscience clause allows healthcare providers to refuse to participate in certain procedures or treatments that go against their beliefs or morals, such as abortion or physician-assisted suicide. This clause aims to protect healthcare workers' freedom of conscience and religion.
Are life insurance benefits subject to probate in Maryland?
No. As in all states, life insurance proceeds avoid probate and flow directly to named beneficiaries.
In Texas does a will have to be probated for property to transfer to heirs?
If a will exists, yes. However, if there are no assets in the name of the deceased to be distributed, then it is not necessary to probate the will. If a will does not exist, the deceased is considered to have died INTESTATE (without a will). In that case, the surviving spouse, or if none, then one of the closest next of kin will be appointed by the probate court as administrator of the estate. The administrator must pay all proper debts and distribute any remaining assets strictly in the manner set forth in the state's laws of intestacy. The state does not take over the estate nor does it take the assets of the estate just because there is no will. Assets are never distributed as the Probate Court sees fit. Nevertheless, since the scheme of distribution in the laws of intestacy might not be what the deceased wanted, (something you will probably want to avoid at all costs) it is best to have a will.
If you already have a bank account can you add a beneficiary to that account?
Yes. You can sit down with your bank representative and select a person to whom the account will be payable upon your death. That will avoid the need for probate for that account. You will need that person's social security number. Different banks and states have different practices. An inquiry at your bank will disclose what you need to do.
Can assets be transferred to avoid probate?
Yes. Assets can be transferred by a person before they die. That is called estate planning and you should seek the advice of an attorney who specializes in that area of law. Once a person has died their estate must be probated if they owned probate assets such as bank accounts, investment accounts and real estate.
