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Podcasts are a convenient way for savers to boost their personal finance knowledge.
Probate is a legal term that’s important to understand, Bankrate explains it.
Probate is the legal process of distributing a dead person’s assets. When someone dies, he or she usually leaves behind assets to distribute and debts to pay. Even among those who have a will detailing who gets the furniture, the house and the stocks, the assets go through probate.
When an estate goes through probate, the executor, who is either named in the will or appointed by a judge, files paperwork in probate court to start the process. The executor must first prove to the court the validity of the deceased person’s will and provide the court a list of that person’s property and beneficiaries. The court then decides whether or not to sell the assets to pay debts and taxes before distributing assets to the beneficiaries of the estate. During this process, the executor is also the manager of the assets.
An extended probate process reduces the amount of money left over for beneficiaries because the estate must pay court and attorney fees.
Those who want to avoid probate have a few alternatives for passing along what they own without the court’s involvement:
Probate is a necessary process for anyone who holds assets alone, instead of with another person. The probate court also selects a guardian for minor children and makes sure all assets go where they are supposed to, according to state law and the deceased person’s will. Some people want to avoid probate because the process can take months or even years. A lengthy probate process may pose a problem to heirs who need money from the estate.
Use this simple calculator to estimate how much your savings will grow over time.
Podcasts are a convenient way for savers to boost their personal finance knowledge.
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There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.