The equivalent to probate in Scotland is confirmation, although there are considerable differences between the two systems because of the separate Scottish legal system. Appointment as an executor does not in itself grant authority to ingather and distribute the estate of the deceased; the executor(s) must make an application to the sheriff court for a grant of confirmation. This is a court order authorising them to "uplift, receive, administer and dispose of the estate and to act in the office of executor".[34] A grant of confirmation gives the executor(s) authority to uplift money or other property belonging to a deceased person (e.g. from a bank), and to administer and distribute it according to either the deceased's will or the law on intestacy.[35]
As a general rule, the original document must be presented for probate. Probate of a copy or duplicate of a will is not permitted unless the absence of the original is satisfactorily explained to the court. If a properly proved copy or duplicate of a will that has been lost or destroyed is presented to the court, it may be admitted to probate. Some states have special proceedings to handle such occurrences. A thorough and diligent search for the will is necessary before a copy can be probated as a lost will.
An executor is a person appointed by a will to act on behalf of the estate of the will-maker (the "testator") upon his or her death. An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if that is the case should quickly notify the probate court registry accordingly.
Conversion to the Islamic faith: Section 2(2) of the Wills Act 1959 states that the Act does not apply to wills of persons professing the religion of Islam. When the testator (previously a non-Muslim) embraces the Islamic faith, the will made previously shall be void as it no longer comes under the ambit of the Wills Act 1959.[17] The testator, after conversion, can write a new will in accordance with the Islamic Laws whereby only one third of the total estate can be disposed of by way of a will, and the remaining two thirds by Sijil Faraid (a certificate of Muslim inheritance law). If the Muslim testator would like to dispose of more than one third of their total estate, the consent of all lawful beneficiaries must be obtained.
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Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning includes the bequest of assets to heirs and may include minimizing gift, estate, generation skipping transfer, and taxes.[1][2][3] Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries in incapacity.[4]
Beyond the absence of a challenge, there is also the question of probate administration, either Independent Administration or Dependent Administration. An executor can request Independent Administration if the will says they can ask for this. If the will says nothing about administration, all the beneficiaries agree that Independent Administration is the proper course of action. In this case, the executor does not have to post bond and no court supervision is required for the executor to take the steps needed to settle the estate. However, the executor must still publish notice of the probate (to inform potential creditors of the probate) and file an inventory of the estate’s assets.
Life insurance serves as a source to pay death taxes and expenses, fund business buy-sell agreements, and fund retirement plans. If sufficient insurance proceeds are available and the policies are properly structured, any income tax on the deemed dispositions of assets following the death of an individual can be paid without resorting to the sale of assets. Proceeds from life insurance that are received by the beneficiaries upon the death of the insured are generally income tax-free.
In general, the probate court probates the wills of deceased persons; establishes guardianships for incapacitated persons and minors; supervises the administration of the estates of deceased persons and incapacitated persons and minors; hears matters involving inter vivos, testamentary and charitable trusts; and hears all cases involving civil mental health commitments.
DocuBank® is a document storage service that provides immediate access to healthcare directives and emergency medical information wherever you are at the time a medical emergency happens. 75% of people who execute a medical power of attorney, HIPAA authorization and a directive to physician do not have those documents when they need them. With Docubank you are issued an identification card that you carry in your wallet and if a medical emergency arises the doctor or hospital can call the number on the card and obtain your directive to physician (living will) and the other important medical documents you have executed. You don’t have to worry about carrying those documents with you. (See www.docubank.com for more information). I charge an additional $450.00 for preparing the following estate package for a single person and $750.00 for a couple for these additional important documents and a five year subscription to DocuBank®.
One way to avoid U.S. Federal estate and gift taxes is to distribute the property in incremental gifts during the person's lifetime. Individuals may give away as much as $15,000 per year (in 2018) without incurring gift tax. Other tax free alternatives include paying a grandchild's college tuition or medical insurance premiums free of gift tax—but only if the payments are made directly to the educational institution or medical provider.
Some of the decedent's property may never enter probate because it passes to another person contractually, such as the death proceeds of an insurance policy insuring the decedent or bank or retirement account that names a beneficiary or is owned as "payable on death", and property (sometimes a bank or brokerage account) legally held as "jointly owned with right of survivorship".
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If you've changed jobs over the years, it's quite likely that you have several different 401(k) retirement plans still open with past employers or maybe even several different IRA accounts. You may want to consider consolidating these accounts into one individual IRA. Consolidating of accounts allows for better investment choices, lower costs, a larger selection of investments, less paperwork, and easier management.
