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Probate is also a public notice of death and lets creditors file claims against an estate. After the creditors get paid, the remainder of the estate goes to the beneficiaries.
When the time comes to make a will, one important element is to name an executor to handle your financial affairs after you ...
An executor is an individual appointed to administrate the estate of a deceased person and carry out the instructions and wishes of the deceased.
There’s no standard deadline for paying beneficiaries of a will, but the probate process averages six to nine months. Many states have no deadlines at all.
The IRS released detailed guidance for executors of 2010 estates just six weeks before some of the forms were due. See my earlier post, Tax Deadlines For 2010 Deaths? IRS Finally Issues Guidance.
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