Assertion: probate's asset | /r/HasProperty | distributed
Facets:
value: according to state law
type: OTHER
value: according to the decedent
type: OTHER
value: partially
type: DEGREE
value: prior to
type: TEMPORAL
value: without involving the probate court
type: MANNER
value: sometimes
type: TEMPORAL
value: according to the will
type: OTHER
value: according to the rules
type: OTHER
Source sentences:
text: The remaining assets are distributed according to the decedent's wishes if there is a will, or according to state law if there is not a will.
text: If there is no will, or if some of the estate's assets have no designated beneficiary, it is through the court-supervised probate process that the remaining assets will be distributed.
text: If there is no will, the assets are distributed according to the rules detailed in Nebraska Probate Law.
text: Usually, if assets were owned only by the deceased person (not a jointly owned asset such as a joint bank account or house), the financial institution may require a grant of probate before they release the assets to be distributed according to the Will.
text: In these situations, a probate lawyer may be hired to assist the administrator of the estate (similar to the executor), and the assets will be distributed according to state law.
text: Some assets can be distributed before the probate process is complete.
text: New York, for example, uses the Small Estates Affidavit to allow assets of an estate to be distributed without getting the probate court involved through a simple sworn statement (affidavit) executed by the person(s) entitled to receive probate property.
text: Where the value of an estate is below a certain amount, some states allow assets of an estate to be distributed without involving the probate court through a simple affidavit executed by the person(s) entitled to receive the probate property.
text: In the event the individual passes away “intestate,” or without leaving a will, the court will appoint an executor, and the assets will be distributed according to state probate laws.
text: Probate is the judicial process of validating a Last Will and Testament before the testator’s (the person who made the Will) assets can be distributed and their estate can be closed.
text: Once all the assets are distributed and debts paid, the estate can be wound up.
text: The Probate process has a minimum waiting period before assets can be distributed and often probate cases take up to a year or more to resolve.
text: After all the assets have been distributed, sold or discarded—and the court and executor’s fees have been paid
text: The executor is the person responsible for administering the deceased person’s estate, ensuring debts are paid and remaining assets are distributed.
text: In such an instance, the will would allow the newly discovered assets to be distributed.
text: “best guess” as to how the average person would want his or her assets to be distributed.
text: Probate is the legal process by which the assets of someone who dies are distributed.
text: However, if there is no will, the assets are distributed as the court deems appropriate.
text: Sometimes assets are partially distributed prior to closing the estate, but final distribution is generally not made before the end of the six-month period in which creditors may file their claims.
text: A Grant of Probate is effectively the Supreme Court giving the “rubber stamp” to the will, providing certainty that it IS the last will & testament of the deceased, & confirms exactly what the assets are to be distributed.
text: If the judge approves the petition, an Order for Payment of Funds will be entered by the probate court which directs that the assets in question be distributed as outlined in the petition.
text: All assets are distributed according to the decedent’s will as well as any applicable state laws.
text: Identifying and classifying assets that need to be distributed;