A person’s estate is considered the net worth of a person at any point in time. It is the total of a person’s properties (of any kind, interests, legal rights) minus outstanding debts or obligations. In order to plan the clearance of a person’s estate, trusts, wills, and power of attorney are normally recognized. Working with a probate attorney reduces doubts about the estate’s dispersal and helps maximize the estate’s value by lessening taxes and other expenses.
Estate
A person’s estate is the person’s net worth at the time that they die. Net worth is basically assets such as:
- Property of any kind
- Life Insurance
- Legal rights
- Interests
Minus liabilities:
Probate
The first step in the legal process of administering a deceased’s estate is the receipt of probate. It then is the probate court’s duty to make confirmation and then approve the person’s will. If needed, this probated will is now a legal document which than can be imposed in a court-of-law.
Probate Court
The term probate is used often in estate planning such as preparing a Trust agreement in order to “avoid probate.” A trust is a dispersed legal article and has total legal authority on its own and can avoid the probate system completely. There are some instances when probate cannot be avoided. The result at the end of probate is the estate will be closed and assets distributed to the heir or heirs. This is really a very complicated process and it is wise to enlist the help of a Probate lawyer to help lead the way through this process.
Special Certification
According to a Temecula Probate Attorney to be a certified as a probate specialist, the attorney must finish 45 hours of education in that specialty field during the 3 years prior to applying for certification.
Continuing Education
Those already certified in probate must complete and report 36 hours of education every 3 years in order to meet MCLE compliance so they can maintain their certification in probate law.Probate falls under the specialty of Estate Planning, Trust and Probate. The laws of continuing education are different in each state.