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What's the Difference Between Estate Planning and Probate Law?

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If you've previously prepared for your future, you may have heard the terminologies estate planning and probate law. There are 2 major differences between estate planning and probate law: timing and process.

Estate planning is setting up a financial plan that will consist of records like a will and oversee your estate after your passing or incapacitation. Probate is the act of creating an official will or trust that is enforceable in court.

Probate Law

Probate Administration Attorneys will often use the term "probate" as an umbrella term. An example would be using "probate" to relate to anything apart from the validation of a will, like "probate" court or "probate" assets. Probate could also pertain to the administration of a will or trust.

The process of creating an enforceable will takes place in probate court. A judge will usually hold a hearing to determine whether the will holds. The custodian, or executor of the will, will bring his/her document to the hearing. Preparation for validating a will usually involves the executor's signing and notarizing by a witness. When needed, the custodian can also come prepared with witness signatures or affirm the validity of the will under oath.

If a person dies without a will defining how to distribute their probate assets, it will be up to the judge to rule on the process of distribution. "Probate assets" pertain to anything the decedent owned or partly owned but did not account for in their will dealing with assets. There are some assets that do not relate to a probate process, like a life insurance policy. A life insurance policy would be owed upon death to a named beneficiary. A probate administration attorney can help you calculate which assets are probate and which are not.

To recap, the procedure of probate is carried out through probate court. How to distribute your property after you have deceased is decided in court of probate. Having a will that is validated before passing will aid with this process. Some assets may be distributed to heirs, or if there is no will, laws of intestacy will apply. The assets to be distributed in a will are referred to as "probate assets", which were previously owned by the deceased. Probate assets require a surrogate court order to pass the title. Probate assets can include:

Real estate property
Bank accounts
Cars, watercrafts or any other vehicle
Personal property (e.g. watches, appliances, etc)
Interests in a corporation, LLC, or partnership
Brokerage accounts or Life insurance policies

In the end the court will determine and gather probate assets for distribution. The court will receive the first cut in costs, followed by any existing creditors, and lastly the decedent's beneficiaries.

Probate court processes might be prompt. The court will need to contact all individuals with any interest in the estate. A high-quality probate attorney can most likely help eliminate any issues by giving effective legal counsel during the estate planning process.

Estate Planning

An estate planning attorney is essential for advice and consultation during estate planning. There are many laws and rules pertaining to the development of a will or trust. Therefore, an estate planning attorney who is familiar with the law can help you interpret and properly create a will or trust that is enforceable in court. Since every individual's estate is unique, it's best to seek expert legal advice pertaining to the estate planning process.

Anything that you own, including debts, is considered part of your estate. Most individuals, and even more so those with family, will want to entrust their assets to become distributed after their death. Through a will or trust, you have the ability to appoint assets to specific member of the family or heirs. An estate planning attorney can help you carry out this plan to ensure that the family is cared for after you are gone. You will want to know that after grieving a loss, your family will not have the extra stress of taking care of the estate legalities. The estate planning attorney can help you analyze taxes on the estate and any fees affiliated with the processing of the estate, as well as legal fees.

Estate planning also governs how your desires will be met in certain situations. Planning the terms of your healthcare you'll receive in the unlikely event of impairment or incapacitation falls under estate planning. A living will can speak to whether you wish to be kept on life support or if you want your loved ones to attempt to resuscitate you if you die (also referred to as a DNR order).

If you plan to set aside money for someone who can not look after themselves, this would also be specified in the estate plan. An estate planning attorney can help you establishment your plan to ensure that the person of interest can receive government benefits while also receiving your assets.

To wrap up, a will or trust has command over distributing probate assets of a decedent. However, a will does not have jurisdiction over non-probate property and its distribution. This is where estate planning becomes important. Certain assets sidestep probate court and go directly to the beneficiaries of the decedent. Non-probate assets can include:.

Property held in joint tenancy
Property that is in the name of a trust
Bank accounts in joint names or Brokerage
Vehicles held in joint names
Life insurance accounts to others
Others Retirement accounts

Everyone has an estate, regardless of how large or small. It can include all of your properties, real estate, cars, checking accounts, savings accounts, and even debts. Estate planning is the process of creating an outline prior to your death and naming those who will receive your possessions after you are gone. It will also include:.

Instructions for your care if you become disabled or handicapped before death
Naming a guardian or representative for minors
Care instructions and providing for loved ones through life insurance and/or disability income
Minimize legal fees, taxes, or court costs
Any other instructions for passing along valuables and values

In sum, planning out your will after you are gone is crucial. It is especially important to differentiate which assets are probate and which are non-probate. Only then can you take the appropriate action to transfer your property accordingly after you are gone. Planning for the aftermath of your future after you are gone is challenging, nor one that most people look forward to doing. But having a skilled and knowledgeable attorney can help make sure the process is carried out accurately.

St Petersburg Estate Planning & Probate Attorney
5858 Central Ave, suite d.
St Petersburg, FL 33707
( 727) 381-2300
www.bestlegacylawyer.com

Riverview Estate Planning & Probate Attorney
12953 US-301 # 102d
Riverview, FL 33578
( 813) 639-8111
www.bestlegacylawyer.com

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[{:section_type=>"rich_text", :content=>"If you've previously prepared for your future, you may have heard the terminologies estate planning and probate law. There are 2 major differences between estate planning and probate law: timing and process.\nEstate planning is setting up a financial plan that will consist of records like a will and oversee your estate after your passing or incapacitation. Probate is the act of creating an official will or trust that is enforceable in court.\n<h2>Probate Law</h2>\nProbate Administration Attorneys will often use the term \"probate\" as an umbrella term. An example would be using \"probate\" to relate to anything apart from the validation of a will, like \"probate\" court or \"probate\" assets. Probate could also pertain to the administration of a will or trust.\nThe process of creating an enforceable will takes place in probate court. A judge will usually hold a hearing to determine whether the will holds. The custodian, or executor of the will, will bring his/her document to the hearing. Preparation for validating a will usually involves the executor's signing and notarizing by a witness. When needed, the custodian can also come prepared with witness signatures or affirm the validity of the will under oath.\nIf a person dies without a will defining how to distribute their probate assets, it will be up to the judge to rule on the process of distribution. \"Probate assets\" pertain to anything the decedent owned or partly owned but did not account for in their will dealing with assets. There are some assets that do not relate to a probate process, like a life insurance policy. A life insurance policy would be owed upon death to a named beneficiary. A probate administration attorney can help you calculate which assets are probate and which are not.\nTo recap, the procedure of probate is carried out through probate court. How to distribute your property after you have deceased is decided in court of probate. Having a will that is validated before passing will aid with this process. Some assets may be distributed to heirs, or if there is no will, laws of intestacy will apply. The assets to be distributed in a will are referred to as \"probate assets\", which were previously owned by the deceased. Probate assets require a surrogate court order to pass the title. Probate assets can include:\n<ul>\n<li>Real estate property</li>\n<li>Bank accounts</li>\n<li>Cars, watercrafts or any other vehicle</li>\n<li>Personal property (e.g. watches, appliances, etc)</li>\n<li>Interests in a corporation, LLC, or partnership</li>\n<li>Brokerage accounts or Life insurance policies</li>\n</ul>\nIn the end the court will determine and gather probate assets for distribution. The court will receive the first cut in costs, followed by any existing creditors, and lastly the decedent's beneficiaries.\nProbate court processes might be prompt. The court will need to contact all individuals with any interest in the estate. A high-quality&nbsp;<a class=\"external\" href=\"https://www.bestlegacylawyer.com/administration/probate-administration\" target=\"_blank\">probate attorney</a>&nbsp;can most likely help eliminate any issues by giving effective legal counsel during the estate planning process.\n<h2>Estate Planning</h2>\nAn&nbsp;<a class=\"external\" href=\"https://www.bestlegacylawyer.com/estate-planning/\" target=\"_blank\">estate planning attorney</a>&nbsp;is essential for advice and consultation during estate planning. There are many laws and rules pertaining to the development of a will or trust. Therefore, an estate planning attorney who is familiar with the law can help you interpret and properly create a will or trust that is enforceable in court. Since every individual's estate is unique, it's best to seek expert legal advice pertaining to the estate planning process.\nAnything that you own, including debts, is considered part of your estate. Most individuals, and even more so those with family, will want to entrust their assets to become distributed after their death. Through a will or trust, you have the ability to appoint assets to specific member of the family or heirs. An estate planning attorney can help you carry out this plan to ensure that the family is cared for after you are gone. You will want to know that after grieving a loss, your family will not have the extra stress of taking care of the estate legalities. The estate planning attorney can help you analyze taxes on the estate and any fees affiliated with the processing of the estate, as well as legal fees.\nEstate planning also governs how your desires will be met in certain situations. Planning the terms of your healthcare you'll receive in the unlikely event of impairment or incapacitation falls under estate planning. A living will can speak to whether you wish to be kept on life support or if you want your loved ones to attempt to resuscitate you if you die (also referred to as a DNR order).\nIf you plan to set aside money for someone who can not look after themselves, this would also be specified in the estate plan. An estate planning attorney can help you establishment your plan to ensure that the person of interest can receive government benefits while also receiving your assets.\nTo wrap up, a will or trust has command over distributing probate assets of a decedent. However, a will does not have jurisdiction over non-probate property and its distribution. This is where estate planning becomes important. Certain assets sidestep probate court and go directly to the beneficiaries of the decedent. Non-probate assets can include:.\n<ul>\n<li>Property held in joint tenancy</li>\n<li>Property that is in the name of a trust</li>\n<li>Bank accounts in joint names or Brokerage</li>\n<li>Vehicles held in joint names</li>\n<li>Life insurance accounts to others</li>\n<li>Others Retirement accounts</li>\n</ul>\nEveryone has an estate, regardless of how large or small. It can include all of your properties, real estate, cars, checking accounts, savings accounts, and even debts. Estate planning is the process of creating an outline prior to your death and naming those who will receive your possessions after you are gone. It will also include:.\n<ul>\n<li>Instructions for your care if you become disabled or handicapped before death</li>\n<li>Naming a guardian or representative for minors</li>\n<li>Care instructions and providing for loved ones through life insurance and/or disability income</li>\n<li>Minimize legal fees, taxes, or court costs</li>\n<li>Any other instructions for passing along valuables and values</li>\n</ul>\nIn sum, planning out your will after you are gone is crucial. It is especially important to differentiate which assets are probate and which are non-probate. Only then can you take the appropriate action to transfer your property accordingly after you are gone. Planning for the aftermath of your future after you are gone is challenging, nor one that most people look forward to doing. But having a skilled and knowledgeable attorney can help make sure the process is carried out accurately.\nSt Petersburg Estate Planning &amp; Probate Attorney 5858 Central Ave, suite d. St Petersburg, FL 33707 ( 727) 381-2300 <a class=\"external\" href=\"https://www.bestlegacylawyer.com/\" target=\"_blank\">www.bestlegacylawyer.com</a>\nRiverview Estate Planning &amp; Probate Attorney 12953 US-301 # 102d Riverview, FL 33578 ( 813) 639-8111 <a class=\"external\" href=\"https://www.bestlegacylawyer.com/\" target=\"_blank\">www.bestlegacylawyer.com</a>"}]

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