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mnmlawpartners · 3 months
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Exploring the Contrast Between Probate and Non Probate Assets
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When it comes to estate planning, understanding the contrast between probate assets and non-probate assets is crucial. These distinctions play a significant role in estate distribution disparities and can greatly affect the administration and eventual distribution of an individual’s assets after their passing. In this comprehensive guide, we’ll delve into the differences between probate and non-probate assets, highlighting their various aspects and implications.
What Are Probate Assets Lists?
Probate assets include a wide range of properties that solely belong to the deceased individual and the assets are subject to probate proceedings. Let’s delve into some common examples:
Real Estate : Properties solely owned by the decedent fall under probate assets and are subject to probate proceedings for their transfer. Estate property is an important component in the probate process which often requires careful evaluation and distribution according to legal protocols.
Bank Accounts (Solely Owned) : Accounts solely owned by the deceased individual, without any designated beneficiaries, are considered probate assets.
Vehicles (Solely Owned) : Similarly, vehicles solely owned by the decedent are probate assets and require court supervision for their transfer.
Stocks and Bonds (Solely Owned) : Any stocks and bonds solely owned by the Exploring the Contrast Between Probate and Non Probate Assets
deceased individual are included in the probate assets list.
Personal Belongings : Items such as jewelry, artwork, and household goods owned solely by the decedent are considered probate assets.
Business Interests (Solely Owned) : Sole proprietorships or business interests solely owned by the deceased individual are subject to probate.
Intellectual Property Rights : Intellectual properties like patents, copyrights, and trademarks owned solely by the decedent are probate assets.
Retirement Accounts (with No Designated Beneficiary) : Retirement accounts without designated beneficiaries assets passing through probate.
Life Insurance Policies (with the Estate as Beneficiary) : Life insurance policies where the estate is the designated beneficiary are probate assets.
Individual Debts Owed : Any debts owed solely by the decedent are included in the probate assets list.
Understanding these assets’ status is essential to ensure proper estate planning and administration.
What Are Non-Probate Assets Lists?
Non-probate assets, unlike assets not subject to probate, bypass the probate process and transfer directly to designated beneficiaries.
Jointly Owned Property : Property jointly owned with rights of survivorship automatically transfers to the surviving owner outside of the probate estate
Bank Accounts (with Payable-on-Death Designations) : Accounts with payable-on-death (POD) designations transfer directly to the designated beneficiaries upon the account holder’s death.
Vehicles (Jointly Owned with Rights of Survivorship) : Vehicles jointly owned with rights of survivorship pass to the surviving owner without probate proceedings.
Life Insurance Policies (with Designated Beneficiaries) : Policies with designated beneficiaries assets are bypassing probate and directly transfer to the named recipients.
5.Retirement Accounts (with Designated Beneficiaries) : Retirement accounts with specific beneficiaries designated skip probate and transfer directly to the named beneficiaries.
Trust Assets (with Specific Beneficiaries) : Assets held in trusts with designated beneficiaries bypass probate and transfer according to trust terms.
Funds in Trust Accounts (with Specific Beneficiaries) : Funds held in trust accounts with specified beneficiaries avoid probate.
Property in Living Trusts: Properties placed in living trusts transfer directly to trust beneficiaries without probate.
Assets in Payable-on-Death Brokerage Accounts: Similar to bank accounts, brokerage accounts with payable-on-death designations pass outside of probate.
Gifts Made Before Death: Assets gifted before death do not go through probate but directly transfer to the recipients.
Difference Between Probate and Non-Probate Assets
Control and Timing: Probate assets are subject to the court’s control and may experience delays in distribution, while non-probate assets allow for immediate transfer to beneficiaries.
Privacy: Probatable assets proceedings are public record, whereas non-probate transfers are often private affairs.
Cost: Probate involves court fees, attorney costs, and other expenses, which can erode the estate’s value, while non-probate estate transfers typically incur fewer fees.
Validation: Probate estates require court validation of the will, whereas non-probate assets pass directly to beneficiaries according to the owner’s instructions.
Top 3 Tips to Update Your Estate Plan
Regular Reviews: Regularly review and update your estate plan to reflect any changes in your assets, beneficiaries, or preferences. Life events such as marriage, divorce, birth of children, or acquisition of new assets may necessitate revisions to ensure your estate plan aligns with your current wishes.
Consult with Professionals: Seek guidance from legal and financial professionals experienced in estate planning. They can provide invaluable advice tailored to your specific circumstances and help you navigate the complexities of probate assets and non-probate assets effectively.
Stay Informed: Stay informed about relevant laws, regulations, and strategies of estate planning. Knowledge empowers you to make informed decisions and optimize your estate plan to achieve your objectives while minimizing potential challenges and complications.
Want to Know about the Difference Between Probate and Non-Probate Assets in Detail? Contact M&M Law Partners
If you’re seeking comprehensive guidance on estate planning and asset distribution, M&M Law Partners are here to help. Our experienced team can provide tailored advice to safeguard your estate assets and ensure your wishes are carried out efficiently. Contact us today to schedule a consultation.
FAQ
What Is the Opposite of Probate? The opposite of probate is non-probate, referring to assets that bypass the probate process and transfer directly to designated beneficiaries or joint owners.
Is Probate Not Compulsory? While probate is not compulsory in all cases, it is typically required for validating wills, settling debts, and distributing assets according to the deceased individual’s wishes or applicable laws.
Which Court Can Grant Probate? Probate proceedings are typically conducted in the Principal Court of Original Jurisdiction where the deceased individual resided at the time of their passing. The probate court in that jurisdiction has the authority to grant probate and oversee the administration of the estate.
What Is the Time Limit for Probate of Will in India? The time limit for obtaining a probate of a will in India is 3 years from the date when legal heirs encounter difficulties in executing the document or when the will is disputed, as established by Supreme Court rulings.
Can a Will Be Challenged After 20 Years? The ability to challenge a will after 20 years may depend on various factors, including the applicable statutes of limitations, grounds for contesting the will, and the specific circumstances surrounding the case. Legal advice from experienced attorneys can help assess the viability of challenging a will within the relevant timeframe.
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dclaw · 3 months
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admediacbe · 2 years
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No.1 Best Civil Advocates in Coimbatore | Top lawyers | 9843023402 | Shanmugham Associates
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post-futurism · 2 months
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Tired of seeing North American election politics on my dash and the only thing I'll say about it is that it was a seriously bad move to not have compulsory voting for all citizens. Part of being an adult is making hard decisions and getting to opt out of that by legally not voting is not the gotcha that a lot of people think it is.
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dk-ghostmachines · 17 days
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I gotta talk about FourDogs (again)
It's barely about her, though. I think "he's so lucky his dad was brutally murdered" and "people with trauma need a second handicap because they're too motivated" are such absolute-the-fuck-ly bonkers takes, they're not even worth the time it took me to get mad about them, which was immediately. This time around, I have way more to say about audience reception. I'll try to keep it civil.
It feels like a lot of us are responding from increasingly personal places because these are characters with which a lot of us identify, or we see traits in them that remind us of people from our real lives. And hey! Another performance and storytelling slay on the part of one Brennan Lee Mulligan. Who else can invent 50+ characters every year and play them to the point where any one of them can evoke both an "omg that's literally me!" and an "omg that's literally Dani, the girl that bullied me all of freshmen year until I punched out her front tooth in the student parking lot and got in-school suspension for a month!". And whether Kipperlily reminds you of Dani, or reflects your own anxieties about potential, ability, and trauma, an important thing to remember is this: she is not real!
Brennan made her up! Brennan made her up to tell a story, and when he made her up, he made her annoying, petty, antagonistic, and he gave her not just opposing goals to the the protagonists we know and love, but the explicit goal of ruining The Bad Kids' lives, specifically.
Now, I'm not saying she's fictional to be a dick, or dismiss any deeper readings on her or any of the Rat Grinders. I'm bringing it up because the way I'm seeing people talk to each other about these characters is starting to get a little wild and it's in danger of waking up The Olde Gods™ (i.e. the special brand of Tumblr Self-Righteousness that lives inside us all).
It's important to remember Kipperlilly is a character in a fictive work so that different interpretations of her don't get treated as stone law. Each reading of her is personal and valid, but none are gospel. The "Kipperlilly is but a victim" take is not the only correct one, nor is radical empathy for her as a character the only correct reaction. Also, even if I consider her sympathetic that is not incompatible with an opinion like "Kipperlilly needs to get roundhouse'd in the head by a lesbian in a tracksuit and/or a wizard in a jean jacket, posthaste". Sure, you can say that anyone who doesn't feel a deep and eclipsing empathy for Kipperlilly above all other emotions is immature at best and sociopathic at worst, but then I can just say anyone who demands solely empathy for Kipperlilly and excuses her literal crimes and bass-ackwards world view because she's insecure and has anger issues, is probably also someone who has a history of weaponizing whatever minority status they may or may not occupy to talk over, silence, or harass people of color.
They're both just opinions. And also, like. Y'know. A bit much.
To engage in the long and rich tradition of measuring character trajectories against those in the Avatar: The Last Airbender cartoon, let's compare Kipperlilly to Azula. Azula had an incredibly sympathetic backstory and untreated mental health issues. Azula was also a danger to herself and others, as well as profoundly manipulative and abusive (although, it was a children's show so Azula never killed anybody for whatever that's worth). Do I wish that fourteen-year-old girl had an Iroh-type in her life? Literally one adult who loved her genuinely and advocated for her best interests? Of course I do. I saw the Ember Island episode, I watched that one video essay! Does that mean it was any less satisfying to watch Zuko and Katara kick her absolute ass? No! And it was non-lethal anyway, children's show, duh.
That brings me to my other thing; Kipperlilly is a character in a fictive work that is not finished. And I know that point will age poorly, but I'm thinking it won't be the only one (hey-o). Remember the people that were calling The Bad Kids bullies? And then we learned that Kipperlilly hated Riz because his fucking dad fucking died?? And that was a full academic year before getting reanimated by a rage god?? I'll do a tame one; remember when Gilear wasn't cursed?? He was "just a guy"?? The show is serialized, gang, the world is still building! Clerickiller is not done yet, y'all need to let her cook! I'm sure we'll tune in next week to see her graduate from "unhinged" to "unaffiliated with the door frame or any frame-like structure". Reprimanding people on Tumblr will not change the trajectory of this character who, by the way, has not expressed remorse or any desire for a path other than violence. You look me in my black face after your blorbo slits a kid's throat and say "help her"?? Kipperlilly doesn't want get better right now, she wants one thing and that's for Kristen Applebees to go fuck herself and die!! You were there, you heard it!! When the fictional behavior changes, as it often does in stories, so will my opinion. There is no fore-forgiveness. Without an actual redemption arc I will continue to see the villain as a villain.
Speaking of, I think what some people have an issue with is the level of hate Kipperlilly's getting and how aggressive it is. But like.... isn't that allowed?? Because of all the stuff I said but also because like, mama said that it was okay! And by "mama" I mean Siobhan Thompson who said Kipperlilly belongs under the jail. Sure, in the real world, adults don't tell kids they belong in the ground that's crazy fucked up, but all these kids are played by adults and Emily as Fig joked that she was gonna smite the sixteen-year-old girl played by the thirty-something man. You're telling me the antagonist antagonizes the protagonists, and the protagonists go "boo, hiss" and then I, the audience, go "boo, hiss as well" but I'm wrong? I'm wrong, somehow, cool checks out.
"They're XP Levelling*punches a locker*!!"
"That girl is worse than Kalvaxus."
"Littledoggy Girlcollar"
Am I not engaging with the narrative on it's own terms if I say "i'd tell Clerickiller to die mad, but she clearly already did, Jojo Siwa head-ass, in reference to that fuck-ass ponytail and your toxic yuri" Do I need to draw a little caitmay-style OC to say it for me, would that be better?
God-forbid, we have fun? Must we discourse, always? FourDogs is tragic, FourDogs is compelling, FourDogs is Dani from 9th grade. She is Azula from Avatar and Clare from Fleabag and Brennan Lee Mulligan from my dreams and that is something that can be so personal. But no one else has to participate in your parasocial relationship. What's crazy is, I actually like Kipperlilly! As a character. I mean, the "trauma is privilege" obviously hit a nerve with me because of real life stuff, but the image of her over the rogue teacher's grave?? With a backhoe and a "gotcha, bitch" expression??? Come on, that is fresh-off-the-vine Cunt™. Even more so than I imagined that moment to be when we first heard about it. Her ending up in a Ragh or Aelwyn place would be way more satisfying than a Goldenrod or Penelope Everpetal place, BUT IT WILL ALSO be satisfying to see whatever Kipperlilly's version of the locked-in-a-chokehold-and-being-gaslit-into-thinking-you-shit-the-coach's-pants-scene is. In addition to the non-lethal ass-kicking that proceeds it.
Y'all can chuck the insinuation that something so clearly subjective is actually objective and has moral implications that make me bad, directly in the garbage. What is this, religion, hey-o.
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maslimanny · 26 days
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Today, the most shameless lies, the constant hijacking of hope, and complete contempt for the truth prevail in this world. Is there justice for human rights in this world?
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nando161mando · 7 months
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FBI Targets Muslims and Palestinians in Wake of Hamas Attack, Civil Rights Advocates Warn
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stevesbigbazoxngas · 2 years
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"BOTH sides in Civil War were wron--" [GUNSHOT]
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seasealwaters · 7 months
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The more time goes on, the more scared I get for Palestinian civilians, and especially the Gaza population. Say what you will, but Hamas has given Netanyahu and his government the perfect excuse for the extermination of Palestinians. And I need you to understand just how little I'm exaggerating when I say "extermination".
All food, water, medical supplies and all electricity have been completely cut out from Gaza. There are approximatively 2.3 million people living there, of which half is under the age of 15. Israel has been targeting entire neighbourhoods, residential buildings, hospitals, and UN schools which have had to be reconverted into more hospitals and shelters. It has threatened Egypt to bomb its humanitarian aid and supplies, prompting Egypt to retract them.
Worst of all, Israel has bombed the Rafah Border Crossing, the sole crossing point between Egypt and the Gaza Strip (right after instructing Gazan civilians to flee through it). In other words: the only escape route for Gazans is now destroyed. They are completely trapped in Gaza, a region under siege. And if you think they will not soon do the same to the West Bank, you're mistaken.
I have said it, and I will say it again, I wholeheartedly support Palestinian liberation. I understand that decolonisation is a violent process. I do not have to like it, but I understand it and accept it. No people have ever overthrown their oppressors by asking nicely. But I truly hope that either the international community will be able to pressure the end of the fight (which, given how hypocritical they have proven to be, I sincerely doubt), or that Palestinians will succeed in taking back enough land and power; because if they don't. If they lose. The fallout will be more horrifying than anything I think we've ever seen in the history of this conflict.
Right now, all I know is that thousands are starving, thousands are dying, and besides speaking up about it I know there isn't much more I can do. it's driving me insane.
I hate Hamas, but fuck, I hope they know what they're doing, because I do not want to see the fallout of this if they don't.
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alwaysbewoke · 2 months
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An advocate is a legal professional who represents clients in legal matters, providing them with legal advice, assistance, and representation in court proceedings. Advocates are trained and licensed to practice law and are typically skilled in analyzing legal issues, interpreting laws, drafting legal documents, and presenting arguments in court. They work to protect the rights and interests of their clients, whether individuals, businesses, or organizations, and may specialize in various areas of law such as criminal law, civil law, family law, or corporate law. Advocates play a crucial role in helping clients navigate the complexities of the legal system and achieve favorable outcomes in their legal disputes or transactions.
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randomnameless · 28 days
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Can you imagine what the reaction would be from Edelgard fans if Wilhelm was ever made playable in Heroes, and instead of being against Serios or not trusting her, he is actually just her BFF who talks about her more then Cyril.
He also goes like, "What secret history about Serios are you talking about? dont talk shut about my bestie.
Willy in FEH?
Lol
More seriously,
Lower your expectations anon, after the nothingburger that was Altina's Supreme Alt, FEH made it clear that the Brave Supreme Leader FB and Hegemongard's FB were outliers - we won't ever get anything like this anymore, students will uwu about academy days and the friends they made for 10 months, Hanneman, Gilbert and Alois are old thus will never be released, and the rest is flanderized.
Assuming Willy is ever released though, I can see his lines purposedly avoiding mentionning Nabateans and being milquetoast "we must defeat Nemesis and bring peace to the land" x10.
Maybe his jp lines - heavily Pat'd - would have something like "Adrestia will unify Fodlan and make it a land for everyone regardless of their race" (Pat'd swap "race" by "background" like what happened in Engage!) which would destroy the "sekrit smokescreen theory*" to smithereens, but hey, we still have to this day people arguing Supreme Leader "You are a dragon you should not rule over humans" isn't biased against pointy ears so...
Ultimately, I think most people wouldn't care.
*That was already debunked in Nopes!
Willy being alive after the WoH and Lycaon's icing can't tell... Lycaon's successor that Seiros and her ilk control humanity, given that Cethleann and Cichol left, Macuil left and he goes to meet Indech in a remote location in the mountains...
But I guess Supreme Leader's words have more weight than what the game presents, or what Rhea'n'Seteth - who personally knew the dude - reveal about him. Sure, she's biased and all, but at the end of the WoC, the only Nabatean left to "act" in Fodlan was Seiros the Warrior - her brothers fucked off.
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admediacbe · 2 years
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Best Civil lawyers in coimbatore | 99448 88048 | Top advocate | SNK Associates
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https://snkassociates.in/civil-lawyer-in-coimbatore/
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p2ii · 3 months
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YEAH i do mean @faey!!
Reitashi literally got me in a chokehold. Originally my Reiju rarepair was with Perona, because pink yuri seemed silly, but lord… the possibilities with Tashigi… can you IMAGINE if Tashigi mentioned it off-hand in the next fight with the Straw Hats and Sanji (and perchance Nami) are so caught off guard they fall over like WHAT.
Also. Real talk, Reiju is such an insane flirt, that paired with Tashigi being jumpy and easily flustered is a great combination. Tashigi save this woman from Germa. Save her Tashigi.
And ya, idm you not posting much 1pc on main you do seem cool in general and I wanna get to know you hehehdhd. I like Homestuck and (vaguely) Naruto also :3
Oh, and yeah, I did see that crit tag! I don’t mind that either. Like, I personally am not big on Zolu, but I respect ur opinion of it ^^ glad u don’t mind much thag I enjoy zosan in contrast. /gen
ooh cool yay :D
yeaaa reiju and perona would be suvh a visually fun pair. actual monarch-type princess x self proclaimed princess.
LMAO I can imagine sanji having a FEILD day w that. it would be sweet if he could catch up on what his sister is doing these days through tashigi when she and smoker have their bi-arc-ly capture attempt. (also nami unsubtly trying to get them both to join her grand line/new world lesbian polycule XD)
OMG REITASH PRINCESS AND KNIGHT IN SHINING ARMOUR DYNAMICS AAAA. like reiju is also super competent but she needs resources and political support the marines can give her to escape (or abolish) germa. (also she loves riling up the hot marine lady swordsman X)c. win-win
tashigi just deserves good things man 😔. having her feel both wanted/need and also non-condescending flirted with would be so good for her. she needs more positive female relationships
hell yea homestucks 🤝‼️. I'm super flattered you think I'm cool lol it'll be nice to know you too! it's been super fun meeting new ppl through one piece everyone is so nice here.
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livingwellnessblog · 10 months
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How Can We Talk About Free Speech: Protecting Minorities and Preserving Freedom
Discover why free speech is crucial for the empowerment of minority voices, promoting equality, and preventing oppression. Learn how protecting this fundamental right benefits society as a whole.
How Can We Talk About Free Speech: Protecting Minorities and Preserving Freedom Introduction: Free speech is a fundamental right that lies at the heart of any democratic society. It allows individuals to express their thoughts, ideas, and opinions without fear of censorship or retaliation. While free speech benefits everyone, it is particularly vital for protecting minorities. In this blog…
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Best Lawyer in Delhi
I am advocate Aditya Mishra Supreme Court of India
Fight for Your Rights and legal needs
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