 |
The Probate Process
Author: We Buy Your Business  | Posted: 15-10-2007 | Comments: 0 | Views: 10 | Rating: (53)  (?) 
When a person dies, his or her survivors must notify the Probate Court having jurisdiction within thirty days of the death. The Probate Court will appoint an Executor if the decedent left a Will, or an Administrator if there is no Will. The duties of the Executor or Administrator are identical:
Note: The Probate Court may require that the Executor provide a Fidelity Bond, which is an insurance policy in favor of the Estate to protect against the possibility of the Executor mishandling the funds. The cost of the Bond is paid by the Estate.
The Executor's overall job is to collect all of the decedent's assets, pay all bills and applicable estate and income taxes for the estate, and make distributions to the beneficiaries according to the instructions in the Will or, if there is no valid Will, according to the laws of intestacy.
The Executor has thirty days from the date of appointment to gather a list of the decedent's assets and present the Probate Court with an Inventory. They will conduct a diligent search for assets and will notify all actual or likely creditors.
The Executor will usually open a checking account in the Estate's name for consolidating all debits and credits for the estate. The Executor will generally obtain a Federal and State Taxpayer ID number for the Estate.
If there is real estate to dispose of, the Executor should get an appraisal and list the property with a Realtor. When there is an offer to buy, he must seek the approval of the Probate Court unless otherwise provided in the will.
The Executor must file the Succession Tax Return, and pay the applicable tax within six months from the date of death.
If the Estate is subject to the Federal Estate Tax, the Executor must prepare and file the IRS Form 706 Estate Tax Return and make payment within nine months of the date of death. The Executor may be required to liquidate Estate assets to raise money for the tax.
When the taxes, debts and administrative expenses are finalized, the Executor files the Final Account with the Probate Court, showing all of the receipts and expenses of the Estate, and the proposed final distributions to the beneficiaries or heirs.
We Buy Your Business has the resources to buy most estate assets outright for cash -- real estate, personal property, art and antiques, annuities, stocks, oil and gas royalties, businesses, commercial buildings, vacant land, automobiles, boats, mortgages or even intellectual property such as patents. We can liquidate estates with assets located in multiple states and turn them into cash within weeks.
We are investors and probate problem solvers, not sales agents. Because we actually purchase estate assets rather than asking customers to list them with us, we save you time, paper work and sales commissions. Working with We Buy Your Business (WBYB) allows Estates to dispose of assets when the time is right and at reasonable prices. Once a Personal Representative has agreed to sell an asset, funds can be transferred within 48 hours. Contact WBYB at www.WeBuyYourBusiness.com
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/business-articles/the-probate-process-236306.html
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Related Articles
What is a Lease Purchase?
By: We Buy Your Business | 15/10/2007 | Business
A Lease Purchase allows you to rent and occupy the home while having a contract to purchase the property for a set amount at a predetermined time in the future.
How the Plaintiff Funding Process Works
By: We Buy Your Business | 15/10/2007 | Business
These advances are offered as non-recourse funding, which means that the plaintiff has no obligation to repay if the lawsuit is lost. Similarly, if the ultimate settlement is smaller than anticipated, the amount that must be repaid never exceeds the amount of the plaintiff's share of the settlement.
What Makes Up a Personal Assets List?
By: We Buy Your Business | 15/10/2007 | Business
If you are dealing with issues such as divorce, downsizing, probated or non-probated estate divesture, or overwhelming debt, you know that the Asset or Estate Liquidation process can be an emotional mine field. With this significantly stressful situation, often coupled with difficult time restraints, what can be done to best manage the process and deal with the myriad of decisions required?
The Unplanned Business Exit
By: We Buy Your Business | 15/10/2007 | Business
For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.
Wealth Building in Four Steps
By: Lila Norden | 13/03/2006 | Finance
Growing a cash machine is the opening step of the wealth building foursome. Your cash machine is an incorporated business that leverages your existing skill set. How can you leverage your skills so that you have a business that makes money while you sleep
The Secret of Wealth
By: Adrian Kennelly | 17/05/2006 | Non-Fiction
"The way to wealth is as plain as the way to market -- it depends on two words, industry and frugality; that is, waste neither time nor money, but make the best of both. Without industry and frugality nothing will do; with them everything." -- Franklin.
How to Qualify for the Best Rate on Your Mortgage or Refinance
By: David Maillie | 28/06/2006 | Mortgage
We hear every day how important it is to own real estate. What we don't hear is how to make sure we get the best rate possible and save our selves thousands and thousands of dollars over the term of our mortgage. Here's how to get the best rate possible and save a bundle.
Getting Out of Business is a Process
By: We Buy Your Business | 15/10/2007 | Business
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.
The exit process, timing of events; and tasks associated need to be tailored
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Can yoy find any missing money for Rita Faye King?
By: Rita Faye King | 15-07-2008
Can you find any missing money for Rita Faye King? I was born in Canton, Ohio on January 24,1964.
For special needs students
By: monaisbest | 15-07-2008
"Every child can learn..notalways the same way or on the same day"
Seen dateline tonight need to know if i am on a ...
By: bnchatty1953 | 14-07-2008
Seen dateline tonight need to know if i am on a list of pepole that they have that has money coming to them
Money
By: bnchatty1953 | 14-07-2008
Am i on the list that dateline was talking about owing money to the show was on tonight
Am i gonna lose money on these mutual funds?
By: jennifer | 14-07-2008
my bank advised me to talk to their mutual funds advisor cuz i had 20k sitting in my account. so this past june i went and put 15k in td mutual funds (cdn equity,cdn bond, global select, int'l select, us large cap value fund, dividend growth) on the advisors advise and im already down to 13,995 and this is in just one month!! im 22 years old and cant lose too much money... im going crazy!am i gonna lose everything? sld i just ignore it or should i pull out before its too late?? help!
Signed bird christmas oraments by Dunn
By: Goldie | 12-07-2008
want to find the value of signed christmas oraments that i have a set of four. sweet birds in pale colors approxamently 3"x3"
Q&A Powered by: 
Latest Business Articles
Water Damage & Solano County Flooding
By: Mark Decherd | 26/07/2008
If you live in Solano County, it's imperative that you are aware of the flood potential and understand the risks. The wet months run from November through April. During these months, you are more likely to experience flooding.
Is it Time to "reset" Your Business?
By: Linda Feinholz | 26/07/2008
When is 'too much to do' finally enough? I mean enough to have you reach out and slap your personal and business 'reset' button? Do you ever feel like you're buried under overwhelm? Sometimes prioritizing the to do list isn't what needs to be done.
15 Ways to Improve Your Closing Ratios and Sales Presentations
By: Katrina Sawa | 26/07/2008
It is not enough to do launching effective marketing campaigns to obtain new customers and to continually market to your existing database for more referrals and repeat business. In addition, you must be able to ask for and close the sale. Otherwise, it is a waste of time and money!
In Searching for Cost Reducitons, Look at Total Cash Flow Costs Rather Than Accounting Costs
By: Donald Mitchell | 26/07/2008
If you are a privately held company, look to reduce overall cash costs when considering alternative cost reductions, rather than the impact of reported earnings.
The More Trust, the More Time to Succeed
By: Andrew Cox | 26/07/2008
Bill Oncken, in his book Managing Management Time, says that the more trust you have with your "universe " of people, the more time you have to do the things that lead to success. Trust is hard to earn. Once lost it's hard to regain. It's the most precious asset in any relationship - at any level - at any time. Read on to see how a successful Division President builds trust.
10 Tips on the Issues With Selling Professionals
By: Drew Stevens | 26/07/2008
The world of professional selling is rich with information related to selling skills, sales training and techniques to assist professionals. However, after much rhetoric and information I am finding something completely different...a problem with selling professionals.
India - the Next Economic Powerhouse
By: Paul Hata | 25/07/2008
India is one of the fastest-growing countries in Asia. In 2006, India recorded a 1.2% of world trade share overall. The stat was picked out from WTO. The growth is mainly due to the liberalization that took place in India way back in 1991. Ever since then, there's no looking back.
Customer Service Toolkit
By: Drew Stevens | 25/07/2008
All businesses make money, yet those that are customer focused are more profitable.
More from We Buy Your Business
The Unplanned Business Exit
By: We Buy Your Business | 15/10/2007 | Business
For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.
What Makes Up a Personal Assets List?
By: We Buy Your Business | 15/10/2007 | Business
If you are dealing with issues such as divorce, downsizing, probated or non-probated estate divesture, or overwhelming debt, you know that the Asset or Estate Liquidation process can be an emotional mine field. With this significantly stressful situation, often coupled with difficult time restraints, what can be done to best manage the process and deal with the myriad of decisions required?
How the Plaintiff Funding Process Works
By: We Buy Your Business | 15/10/2007 | Business
These advances are offered as non-recourse funding, which means that the plaintiff has no obligation to repay if the lawsuit is lost. Similarly, if the ultimate settlement is smaller than anticipated, the amount that must be repaid never exceeds the amount of the plaintiff's share of the settlement.
Liquidating your Business Assets Can be an Efficient and Prudent Exit Strategy
By: We Buy Your Business | 15/10/2007 | Business
Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.
What is a Lease Purchase?
By: We Buy Your Business | 15/10/2007 | Business
A Lease Purchase allows you to rent and occupy the home while having a contract to purchase the property for a set amount at a predetermined time in the future.
Getting Out of Business is a Process
By: We Buy Your Business | 15/10/2007 | Business
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.
The exit process, timing of events; and tasks associated need to be tailored
|
|
Business 
