FIN 440 Lecture Notes - Lecture 6: Legatee, Probate Court, Death
Document Summary
Testate- state of dying with a valid will. Intestate- state of dying without a valid will. Legatee- person who inherits under a valid will. Heir- person who inherits under intestacy laws. Devisee- person who inherits real property under a valid will. Protects the decedents: fulfill the decedent"s wishes. Protects the creditors: makes sure debts are paid. Complex and takes time: generally takes 6-24 months. Monetary expenses: court costs- 5 to 10% (some up to 20%, ancillary probate (probate in a nondomiciliary state for ancillary property owned by decedent) Loss of privacy: court proceeding are open to public scrutiny. Avoid probate if family does not agree with relationship: will not be able to get anything in probate court. How does obergefell v. hodges affect planning for nontraditional relationships: doesn"t unless they get married. General process: someone produces will, someone takes will to probate court, someone petitions to open the estate, the executor or administrator is appointed by probate court.
