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When siblings together inherit an estate, it helps if everyone can work together when dividing up the estate. Often times, this process can lead to harsh feelings between siblings. It is important to remember that as family, you need to stick together and work it out.
There are multiple ways for dividing up an estate. However, the first and foremost consideration must be given to the desires and wants of the now deceased.
Did the decedent(s) have a will? That is the first place to start. The passing of a relative or friend is an emotional time, but everyone should remember the most important thing is to respect the wishes of the now deceased.
There are some terms that should be defined before continuing:
1. Will ~ Also known as "Last Will and Testament'. This document clarifies one's wishes for after their death. This is usually drawn up by an attorney and held in their office. It may also be held by the executor.
2. Executor or Executrix ~ The man or woman named in the will to oversee the handling and the division of the estate. This person is in charge of following the orders of the will, as well as filing necessary documents with the court (death certificate, probate forms, will copy, etc.)
3. Probate Court ~ The division of the court system that handles birth and death records.
4. Estate ~ All property, including real and personal, that was owned by the decedent. This includes real estate, bank accounts, stocks, bonds, as well as personal property, such as cars, boats, and RV's.
While the division of the estate is up to the executor of the will, there is a checks and balances system in place if he or she abuses or neglects their duty. Anyone, at any time during this process, is able to "contest" the actions of the executor. If this occurs, the court will schedule a hearing and the judge will decide what to do.
Losing a loved one can be a trying and emotion time. Unfortunately, there are a lot of legal aspects that also need to be handled simultaneously. In order for the estate to be divided, real estate to be sold or turned over, monies to be accessed, etc., an "Estate" must be opened with the Probate Court. The court will then approve the appointment of the "Executor", and that person will be able to access all necessary documents and funds. Real estate can be transferred, as well as vehicle titles. This process can be extremely daunting, so it is usually best to consult an attorney to help with this. If you are not sure about who to call, call your local Bar
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