What Is Probate?

VIDEO TRANSCRIPTION – What is probate? These are conversations we have with our clients to define on what they should not want to go through. Today we’re going to cover what is a probate. Hi, I’m Steven D. Cooper, also known as Coach Coop with Coopers Accounting Service, because your financial freedom matters.

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First, let’s define what probate is. Probate is a court-supervised legal process of proving the will’s validity, identity, and management of a deceased person’s assets. We also need to find out who’s supposed to get the money, what debt is owed, as well. Key steps to a probate.

Need to file a will, so you need to submit this to the court. Need to appoint an executor of the estate. Need to do an inventory and appraisal of all the assets. You also need to pay all debts and taxes as well. Distribute the assets according to the law.

Here’s another nugget that I want to add in here. If you need to get any paperwork from the IRS, you need to complete a form called 1310. This then tells the IRS, according to the legal documentation, in a will or a court appointed authority as well, who can sign it. And you need to have the pages in there that applicable to this as well.

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Well again, I’m Steven D. Cooper with Coopers Accounting Service. Don’t miss our next video where we cover another great financial tip you definitely need to know.

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