Ask Mary Beth: Money Q & A |
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Planning for probate
My mother is in the final stages of Alzheimer's disease, and I would like
information on how to plan for probate for her estate. Can you recommend a
source of information describing the probate process?
Mary Beth answers:
I am sorry to hear about your mother's illness. I assume she has a will or
trust agreement and that you or someone else has her financial and medical
powers of attorney.
Probate laws differ from state to state and according to the size of the
estate involved. Your best bet is to contact your local probate court for
details of how estate laws work in your state. If your mother's estate is
small, ask about expedited small estate procedures. In that case, you might
not need a lawyer. If it is more complicated, you probably will need
professional help.
The purpose of probate is to make sure all of the deceased's debts are paid
before distributing the remaining assets to the heirs. If you are a joint
tenant with rights of survivorship with your mother for any property, it
will pass to you without going through probate. Also, if you are the
beneficiary of her life insurance or IRA, it will also pass to you
directly.
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