Probate is how your assets are distributed after you die. If you have a valid Will, your Will appoints a Personal Representative (also known as an Executor) and states how you want your assets to be distributed upon your death. If a person dies and has a valid Will, it is called a testate estate.
If you do not have a Will, your assets will be distributed according to Alaska law. The law also outlines who has priority to be appointed the Personal Representative of the estate. The Personal Representative gathers a decedent’s assets and distributes them according to the law. When a person dies without a Will, it is called an intestate estate.
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There are two types of probate: informal probate and formal probate. Informal probate is a court process that allows the Personal Representative to transfer the property of a person who died to the heirs that are supposed to receive it with minimal court supervision or oversight. This is the most common type of probate. Formal probate is a court process that allows the Personal Representative to transfer the property of the decedent to people who are supposed to receive that property with more court involvement. Formal probate is used in cases where someone challenges the validity of a Will, where there are disputes between heirs, or the Personal Representative needs to be supervised by the court. Formal probate can result in litigation and can be expensive.
Both informal and formal probate have many requirements and steps that Personal Representatives must follow. If a Personal Representative does not follow their duties and the requirements set forth by law, the Personal Representative can be held personally liable. As such, it is important to have an attorney help you through the process to ensure it is done correctly.
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There are two types of probate: informal probate and formal probate. Informal probate is a court process that allows the Personal Representative to transfer the property of a person who died to the heirs that are supposed to receive it with minimal court supervision or oversight. This is the most common type of probate. Formal probate is a court process that allows the Personal Representative to transfer the property of the decedent to people who are supposed to receive that property with more court involvement. Formal probate is used in cases where someone challenges the validity of a Will, where there are disputes between heirs, or the Personal Representative needs to be supervised by the court. Formal probate can result in litigation and can be expensive.
Both informal and formal probate have many requirements and steps that Personal Representatives must follow. If a Personal Representative does not follow their duties and the requirements set forth by law, the Personal Representative can be held personally liable. As such, it is important to have an attorney help you through the process to ensure it is done correctly.
There are two types of probate: informal probate and formal probate. Informal probate is a court process that allows the Personal Representative to transfer the property of a person who died to the heirs that are supposed to receive it with minimal court supervision or oversight. This is the most common type of probate. Formal probate is a court process that allows the Personal Representative to transfer the property of the decedent to people who are supposed to receive that property with more court involvement. Formal probate is used in cases where someone challenges the validity of a Will, where there are disputes between heirs, or the Personal Representative needs to be supervised by the court. Formal probate can result in litigation and can be expensive.
Both informal and formal probate have many requirements and steps that Personal Representatives must follow. If a Personal Representative does not follow their duties and the requirements set forth by law, the Personal Representative can be held personally liable. As such, it is important to have an attorney help you through the process to ensure it is done correctly.
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