Probate is the procedure by which a
will is proved to be valid or invalid. Probate is generally referred
to as the legal process wherein the estate of a decedent is administered.
Generally, the probate process involves collecting a decedent's
assets, liquidating liabilities, paying necessary taxes, and
distributing property to heirs.
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:: conservatorship |
A conservator
is a guardian, protector or preserver appointed by the court
to manage affairs of the incompetent. This can include either
the care taking of a person or the management of assets or both. |
:: guardianship |
A legal arrangement
under which one person (a guardian) has the legal right and duty
to care for a minor (the ward) and his or her property. A guardianship
is established because of the ward’s inability to legally
act on his or her own behalf. |
:: administration |
An administrator
is a person formally appointed by the court to administer the
assets and liabilities of a decedent. The person may be named
in the decedents’s will and designated as the executor
of the estate; or, absent a will, an administrator will be appointed
by the court. The administration of a decedent’s estate
is monitored by the court until all assets are distributed and
a final report is accepted by the court as an order. |
:: asset management |
Placing assets into a trust, or holding title
in a variety of manners, can avoid the cost and delays of probating
a decedent’s estate. (See Estate Planning) |
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