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What Happens With Your Will? Understand the Probate Process

What Happens With Your Will? Understand the Probate Process

Most people know that having a will is important. It allows you to express how you would like your assets handled after your death, and can include important information regarding the custody of any surviving children. Nevertheless, many people do not understand how a will is executed.

After you pass on, your will is managed through a local probate court. Consequently, many are not prepared for what’s ahead. Here is an introduction to the probate process and how it works.

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1. Your Executor Takes Charge

As part of your will, you should have identified an executor. Your executor files all necessary paperwork with the probate court. Moreover, according to Steve Bliss, a probate attorney, “the executor will provide the court with information regarding your current debts and assets, and your instructions regarding who should inherit certain property.”

Accordingly, once the filings are complete, official notification of your death will be released to all interested parties. The executor locates and secures all of the included properties, and manages all assets throughout this process. Conversely, they will also determine if any assets should be sold to cover any remaining debts.

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2. Short Term Support Requests

Depending on the state, your immediate family members may have the right to request funds from your assets to support their basic needs. For example, funds may be made available to provide basic support for your children, such as food and housing. The court makes decisions regarding these requests alone, and requests can be denied.

3. A Mandatory Waiting Period

Ordinarily, your assets cannot be provided to your heirs until the court releases the executor to do so. This waiting period ensures all of your final bills, such as remaining debts and funeral expenses, have been paid before any property is distributed. Even once all debts are settled, additional time is required to provide any creditors, whom the executor may not have been aware, have the opportunity to make a claim against the estate.

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4. Completing the Process

Only after all of these requirements are met can your assets be distributed to your heirs. Consequently, the executor will then take any necessary steps to legally transfer the property to the designated heir. Any payments or donations made to charitable organizations are also managed by the executor. Once the entire process is complete, the court releases the executor from their duties.

The total amount of time required may vary even when everything works smoothly. It is not uncommon for the probate process to take close to one year under the best of circumstances. If the will is contested, or if the estate is particularly complex, it can take much longer to finish.

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5. Contested Wills

A will may be contested if it is impossible that the will is not completely valid. This can include issues regarding how the document was completed, whether the person who created the will did so while under undue influence, or if the person may not have been of sound mind when it was created. If the will is contested, then the court will need to render a decision regarding the validity of the will, and if any other party has a reasonable claim to the assets. Depending on the state, a jury trial may even occur.

A contested will can take a very long time to complete the probate process. If the will is rendered invalid, then arguments may occur regarding who should receive which assets.

Can Probate Be Avoided?

If you want to avoid your will going through the probate process, it is wise to consider placing your assets in a living trust. Once part of the trust, the assets are legally no longer your property. Instead, the assets are owned by the trust, and you function as the trustee. This allows you to manage the assets as you see fit. You can designate a person to assume the position of trustee upon your death, allowing them to take immediate control of all of the assets within the trust. Unlike assets in a will, the assets in a trust are not subject to the probate process.

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Last Updated on January 21, 2020

How to Motivate People Around You and Inspire Them

How to Motivate People Around You and Inspire Them

If I was a super hero I’d want my super power to be the ability to motivate everyone around me. Think of how many problems you could solve just by being able to motivate people towards their goals. You wouldn’t be frustrated by lazy co-workers. You wouldn’t be mad at your partner for wasting the weekend in front of the TV. Also, the more people around you are motivated toward their dreams, the more you can capitalize off their successes.

Being able to motivate people is key to your success at work, at home, and in the future because no one can achieve anything alone. We all need the help of others.

So, how to motivate people? Here are 7 ways to motivate others even you can do.

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1. Listen

Most people start out trying to motivate someone by giving them a lengthy speech, but this rarely works because motivation has to start inside others. The best way to motivate others is to start by listening to what they want to do. Find out what the person’s goals and dreams are. If it’s something you want to encourage, then continue through these steps.

2. Ask Open-Ended Questions

Open-ended questions are the best way to figure out what someone’s dreams are. If you can’t think of anything to ask, start with, “What have you always wanted to do?”

“Why do you want to do that?”

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“What makes you so excited about it?”

“How long has that been your dream?”

You need this information the help you with the following steps.

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3. Encourage

This is the most important step, because starting a dream is scary. People are so scared they will fail or look stupid, many never try to reach their goals, so this is where you come in. You must encourage them. Say things like, “I think you will be great at that.” Better yet, say, “I think your skills in X will help you succeed.” For example if you have a friend who wants to own a pet store, say, “You are so great with animals, I think you will be excellent at running a pet store.”

4. Ask About What the First Step Will Be

After you’ve encouraged them, find how they will start. If they don’t know, you can make suggestions, but it’s better to let the person figure out the first step themselves so they can be committed to the process.

5. Dream

This is the most fun step, because you can dream about success. Say things like, “Wouldn’t it be cool if your business took off, and you didn’t have to work at that job you hate?” By allowing others to dream, you solidify the motivation in place and connect their dreams to a future reality.

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6. Ask How You Can Help

Most of the time, others won’t need anything from you, but it’s always good to offer. Just letting the person know you’re there will help motivate them to start. And, who knows, maybe your skills can help.

7. Follow Up

Periodically, over the course of the next year, ask them how their goal is going. This way you can find out what progress has been made. You may need to do the seven steps again, or they may need motivation in another area of their life.

Final Thoughts

By following these seven steps, you’ll be able to encourage the people around you to achieve their dreams and goals. In return, you’ll be more passionate about getting to your goals, you’ll be surrounded by successful people, and others will want to help you reach your dreams …

Oh, and you’ll become a motivational super hero. Time to get a cape!

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Featured photo credit: Thought Catalog via unsplash.com

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