Please answer the following questions about probate:
a. What is probate?
b. Discuss the positive and negative attributes of probate.
c. What are common probate costs?
d. Discuss two methods of avoiding probate.
a. Probate is the process of proving the validity of the will and settling the estate of a decedent.
b. Some positives:
(1) Place to prove a valid will.
(2) Oversight of distribution of assets to beneficiaries and accomplishment of testators wishes.
(3) Opportunity for unsecured creditors of the decedent to submit claims for payment or lose right to payment.
(4) Orderly payment of death taxes.
(5) Means of administration of estate assets before distribution.
Some negatives:
(1) It is time consuming.
(2) It is public, thus others may learn of family assets.
(3) It is potentially expensive with executor and attorney at law fees.
c. Costs include attorney fees and executor costs, and delay in distribution of property.
d. Joint tenancy and funded inter-vivos trusts.
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