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How To Minimize Probate Costs
Most people think that dying is the easiest way out for someone who wants to be rid of the legal processes and the costs involved in such processes. They do not know that dying does not end the legal responsibilities of a person because the state still has control over his assets until it is legally turned over to his beneficiaries.
When a person dies, he either leaves a will or none at all. Also, even if there is a will, the assets of the dead person will not automatically be given to the heirs named in his will but it will have to pass probate or the legal process of making sure that his will is valid and legally conforms to the requirements of the law.
Probate is not an easy process and it requires an executor and an administrator who are either appointed by the testator or the person who died or, if the testator failed to name his chosen executor or administrator, then it is chosen by the state.
During the probate of a will, the administrator has to make an accounting of all the assets of the testator, pay his creditors and notify the heirs and all people who may have a concern in the disposition of the property of the testator.
Probate is a very complicated process and the beneficiaries sometimes wait for years before they can get the assets entrusted to them by the testator. Sometimes, all the assets have already been expended in advance for the payment of the administrator, the lawyers and the legal payments that only a meager part of the asset remains for the beneficiaries.
