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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 November 5, 2019

12 Powerful Habits of a Lifelong Learner

12 Powerful Habits of a Lifelong Learner

Formal education is something everyone has to go through to a certain degree, and the knowledge it offers isn’t always that practical in real life. Life long learning is how you improve as a person, bit by bit and day by day.

Life long learners recognize the importance and joy of growth so they never settle for what they currently know and always seek for improvement.

Here are 12 habits of people who value lifelong learning have in common – see how many of them you recognize in yourself.

1. They Read on a Daily Basis

Whatever problem or dilemma you currently face, there’s definitely at least one decent book that discusses it and presents a variety of solutions.

Reading is a great way to open up new horizons, train your brain and revolutionize your life. I can’t even count how many times books completely transformed the way I view the world, and it’s always a change for the better. Through reading, you can connect with successful people and learn from the lessons they share.

Life long learners love to get lost in books and do it regularly. Bill Gates knows that reading matters a lot; on his personal blog, he reviews plenty of game-changing books.

Due to technology, you can access a bookshelf of the wealthiest entrepreneur on this planet.

2. They Attend Various Courses

Whether it’s online or offline, there are countless courses you can participate in without spending a dime on it. These are great opportunities to connect with clever and like-minded people and learn from them.

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Because of the advanced technology, you can now gain knowledge from online programs, starting from coding through self-improvement to programs from top universities.

There are literally endless ways to thrive. What life long learners have in common is squeezing as much as possible out of these opportunities.

3. They Actively Seek Opportunities to Grow

Instead of spending your free time laying on the couch and watching TV, you prefer doing something creative and practical. You know every wasted minute is gone forever.

That’s why you’d rather practice your language skills with a native-speaker you’ve met, engage in local meet up or attend a class that teaches something you always wanted to learn.

Life long learners stay up-to-date with growth opportunities in their areas and participate in them frequently.

4. They Take Care of Their Bodies

“Physical fitness is not only one of the most important keys to a healthy body, it is the basis of dynamic and creative intellectual activity.” — John F. Kennedy

A clever mind combined with a body in a great condition is the best asset you can have. Our bodies were designed to run, walk, jump, swim, lift and much more. Leading a sedentary lifestyle harms both your physical and mental sphere.

Life long learners know the body is your temple. In order to make it flourish for as long as possible, they train regularly, move a lot and eat healthy.

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5. They Have Diverse Passions

Among Steve Jobs’ wise quotes, there’s one I like especially. It’s about connecting the dots:

“You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” — Steve Jobs

Each dot is some event or skill in your life, and it’s only when you go through these elements that you know how to combine them into something great.

Having a variety of passions indicates that you love to progress. By practicing different skills, you give yourself an advantage over the rest of the people. During hard times, you are more likely to to act intelligently and solve your problems with less effort.

6. They Love Making Progress

If behind the efforts, there is passion and a deep desire to grow, your chances of success are way higher, compared to when you are forced to learn.

Life long learners love to experience the constant growth and improvement. The breakthrough moments help them to notice the impressive change that took place because of the learning process. Any milestone serves as a driving force for further headway.

7. They Challenge Themselves with Specific Goals

In order to keep growing, you clearly define your goals. Smart goal setting is one of the tools to ensure constant growth.

Since you love challenges, a difficult goal doesn’t scare you. Quite the opposite, it keeps you motivated and engaged.

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Research showed that precise and ambitious goals increase the performance of an individual. As we already agreed, life long learners are people who care about their performance, hence they never stop improving.

8. They Embrace Change

A complete change can lead to incredible results. This is especially visible on the example of successful companies.

Oftentimes, it’s that transformation which created space for their so-called overnight success. Twitter was originally created as an internal service to serve Odeo employees. Currently, it has over 300 million monthly active users and is considered the second biggest social network.

As a life long learner, you know a change can lead to extraordinary results so you welcome it and stay open minded about making a shift.

9. They Believe It’s Never Too Late to Start Something

Some people tend to think after a certain age, they are no longer allowed to start something and become successful. The truth is, it’s just a lame excuse not to leave the comfort zone.

Opposite to common misconceptions, there’s no wrong age to begin something. Henry Ford was 45 when he invented the Ford Model T car, which is considered as the first affordable automobile.

Sure, for some domains like becoming a professional athlete, starting early is required. However, to learn and improve for its own sake, you are never too old.

10. Their Attitude to Getting Better Is Contagious

“We now accept the fact that learning is a life long process of keeping abreast of change. And the most pressing task is to teach people how to learn.” — Peter Drucker

There’s nothing better than to see your surroundings getting involved in what you actively participate in. Oftentimes, the best way to achieve that is to inspire them and be the example. As Gandhi would say, you need to be the change you want to see in the world.

As a life long learner, you are extremely passionate about the constant growth and people around you can sense that positive attitude. As a result, they start acting similarly.

11. They Leave Their Comfort Zone

Is it really better to step out of your comfort zone? The answer is always yes.

You always embrace discomfort as you know the path to success leads through hardship and countless obstacles. Instead of being afraid of facing them, you challenge yourself to overcome more and more difficult handicaps.

Every time you get out of your comfort zone, regardless whether you win or fail, you learn something new. That’s the part you love the most!

12. They Never Settle Down

“Knowledge is exploding, so you need to commit yourself to a plan for life long learning.” — Don Tapscott

A sense of being clever enough is something you don’t experience. Without a doubt, you appreciate what you already know, but that’s never a reason to stop. You just know once you stop learning, you lose the amazing privilege humans have, namely an ability to a never-ending intellectual development.

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Featured photo credit: Christin Hume via unsplash.com

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