Feel free to contact us if you need a probate bond in the West Palm Beach, Florida area.
Below is some information about the legal process of probate bonding.
The legal process whereby a deceased person’s property is inventoried, valued, and subsequently settled according to the decedent’s will is called Probate. The word originates in early English law dating back to the 12th century and literally means ‘to prove’.
When a person passes on and has a last will and testament, the Probate Court will proceed to confirm the authenticity of the deceased persons will.
The probate attorney will carry this out by filing the paper work on behalf of the deceased.
The purposes of probate are to ensure the wishes of the deceased are carried out, that the chosen executor is confirmed and sworn to execute those wishes, and to protect the interests of surviving heirs who may have claims against the estate.
After getting a probate bond it becomes an instrument of law and the court accepts it as authentic. Once this occurs it is very difficult to contest the validity of the will.
At the time of death, the Probate Court will require an inventory of assets of the decedent.
This may include but is not limited to; real estate, bank accounts, personal belongings, investment property (such as collectibles and antiques), household property, stocks and bonds, cash and virtually anything else of value. The probate attorney will then draw up an inventory and distribution list of the assets of the estate, and file it with the court. This list of assets of the deceased becomes public knowledge and is subject to claims by creditors, federal and state governments (in the case of taxes) and possibly disinherited or interested parties that may assert their claim to those assets.
Essentially, any item with a monetary value owned by the deceased at the time of his death becomes the property of the estate of the deceased. The estate’s property can then be taxed, claimed by creditors, or available to parties who wish to assert a claim of ownership to those assets.
Some assets can avoid the process of probate by passing contractually to a beneficiary. Examples are Life insurance policies that are ‘payable on death’ (POD) to any party other than the estate, stock portfolios termed ‘Transfer on Death’ (TOD) and joint bank accounts that are termed ‘jointly owned with rights of survivorship.
If you need a probate bond in the West Palm Beach, South Florida Area, please contact us.
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