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What Is An Estate
from: Wikipedia
Basically an estate is comprised of the tangible assets of personal
property which belong to a natual person and must either escheat to the state upon the death of person, be beqeathed through
a will or transferred intestate (without a will). Wills are the most commonly used legal instruments for the distribution of the tangible assets of a
deceased person. Before property can be disposed of pursuant to the terms of a will, the will must be submitted to a probate court which takes jurisdiction of the estate of the deceased. Probate is often considered a
relatively lengthy and expensive process, albeit one which may provide greater safeguards with regard to the rights of a deceased
person's beneficiariesm, though probate often is contested by creditors or disgruntled members of the family of the deceased who
feel they have not received their fair share of the deceased's property.
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This article was posted on January 5, 2005
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