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Let’s begin with an explanation of “The Dash”. In this context it is the symbol (“—“) representing the time spent between the date of birth and the date of death. It’s the duration here on earth that we built our lives and families. We worked hard, purchased homes and paid mortgages. We were sensible about furnishings, automobiles, quality clothing, jewelry, books, records, art, tools, etc.
Whether we are part of The Greatest Generation (1901-1945) or the Baby Boomers (1946-1964), we have accumulated and will transfer more than $30 TRILLION dollars’ worth of wealth to our heirs. Factors like how we held title to our possessions, whether or not we devised a will, if we created a trust or even what things we acquired directly relate to how we leave our legacy. After we pass away, the sum total of life’s belongings will be transferred, sold, donated to charity, given away or trashed. Unless our directives are clear, most of our belongings will end up in the dumpster without benefit to anyone. Understand that with or without a will, unless you hold your entire estate in a well maintained trust, PROBATE is inevitable.
What is Probate?
Probate is the process of appointing a Personal Representative (PR) and distributing of a decedent’s estate. The Personal Representative is either assigned by you (as the Executor) or appointed by courts; usually next-of-kin (as the Administrator) to oversee the administration of your estate.
Questions You Should Ask Yourself
Who Should Assist the Personal Representative?
There are three types of professionals to assist your Personal Representative with the administration of your estate:
Ideally you’ll choose your team ahead of time to carry out the demands of administering your estate. Your preselected team is contractually required by law to act in good faith solely on behalf of the estate and its beneficiaries.
ARTICLE WRITTEN BY SYLVIA CELESTE DEADERICK, CPRES (CERTIFIED PROBATE REAL ESTATE SPECIALIST), SRES (SENIORS REAL ESTATE SPECIALIST). COLDWELL BANKER REALTY SERVICES PA LICENSE RS299324 www.SylTheDeal.com
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