Decedents refer to individuals who have passed away. This term is often used in the last will and testament and when inheritance property is protected under a trust. Wills and trusts are used to appoint an estate administrator or Trustee, and to bequeath property to heirs.

Decedents that engage in estate planning strategies prior to death can bequeath personal belongings, financial assets, real estate, business ownership, and motor vehicles to whomever they desire. When decedents die without leaving directives in a Will, inheritance property is distributed according to state probate laws.

All estates must undergo the probate process unless protected by a trust. The average duration of probate extends between 6 and 9 months. Executing a last Will can expedite probate and aide in swift distribution of assets.

When decedents do not have a last Will, the estate is referred to as intestate and will require additional time to settle. Probate estates are managed by a designated estate executor. This person is appointed within the Will or through court confirmation. Oftentimes, the surviving spouse or family members assume the role as probate executor.

Managing a loved one's estate can be difficult; particularly when family members do not get along or argue over who should receive inheritance property. When appointing someone to the position of probate personal representative, it is best to discuss the decision with them first. Estate executors are responsible for several duties, many of which are time-consuming.

Probate administrators are compensated for their duties, but can elect to forego payment if desired. Administrative fees are paid through decedents' estates. Before giving up payment for services rendered, estate administrators should realize that estate duties often encompass over 100 hours of time.

Estate administration duties will vary depending on whether the estate is testate (with a Will) or intestate (without a Will). Administrators must abide by probate laws in the state where the decedent's primary residence was located. When estates consist of valuable property such as real estate or business assets, Administrators often find it helpful to work with a probate attorney.

Probate lawyers can be particularly helpful when family dysfunction is present. Disgruntled heirs can suspend distribution of inheritance property for several months by contesting the validity of a decedent's Will.

In many cases, contesting a last Will requires estate administrators to sell inheritance property to cover legal expenses. This act is particularly harmful to small estates and can result in bankrupting the estate and leaving nothing for intended heirs.

While decedents have no control over what occurs after their death, they can assume control over their estate while still alive. Engaging in estate planning probate strategies is one of the best gifts anyone can leave their loved ones.

Decedents can protect financial portfolios, retirement accounts, and bank accounts by assigning payable on death beneficiaries. Titled property can be protected by having property jointly titled. Decedents can elect to gift property to heirs prior to death. The IRS allows tax-exempt monetary gifts of up to $12,000 per person, or $20,000 per married couple, per year.

Trusts are used to protect estates valued over $100,000. Inheritance property transferred to trusts avoids probate altogether. A last will and testament must be executed with the trust and a Trustee is appointed to manage the estate.

Estate planning allows decedents to rest in peace knowing inheritance property will be distributed according to their final wishes. Dying without estate planning leaves the estate vulnerable to probate laws and leaves a heavy burden for those left behind.

Article Source: http://www.articlesbase.com/national-state-local-articles/protecting-decedents-estates-during-probate-3220897.html

Learn more about estate planning, probate, trusts, strategies to avoid probate, and more from real estate investor and probate liquidator Simon Volkov. His website offers an extensive article library to help decedents heirs understand the probate process and estate management procedures at www.SimonVolkov.com.