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October 1-31 National Disability Employment Awareness Month.
Perhaps you or someone you love is disabled and working. Take some time this month to talk to your children about this special “branch” of the workforce. Stress that people from all walks of life can earn and support themselves.

Breast Cancer Awareness Month.
This is pink ribbon month, so look out for the pink packages in stores which show that the companies that have joined in have pledged certain monies to help sponsor charity events. Also keep an eye out for walks and other special charity events you can participate in. Or just make a donation through free clicks at theanimalrescuecenter.com. The purple button donates food to animal shelters and the pink donates money toward free mammograms for women who can’t otherwise afford them.

October is also the start of the next fiscal quarter. Keep an eye on all your business finances, and if you are not ready for the holiday selling season yet, well, what are you waiting for?

5th World Teachers’ Day.
Today is set aside to honor teachers and their contribution to the education of children all over the world. Reflect on how you might honor your children’s teachers today and take some time to talk with your children about what they want to be when they grow up. Mention the importance of financial responsibility in order to plan for your financial future and meet all of your goals. Also stop off at theanimalrescuesite.com and click on the purple button to donate food to animal shelters. Then click on the Literacy site button to donate free books to children all over the world.

8th National Children’s Day.
This day is to celebrate children. If you have children, you know just how important they are to your life. Why not take your children to the bank today and help them open their own savings accounts? Go to theanimalrescuesite.com and click to donate food to animal shelters, then click on the free link for Children’s Health to donate money from the sponsors to support child health care initiatives all over the globe. Also remember that you and the kids can play free sponsored games from the site. The more minutes you log in, the more money the sponsors donate to the worthy causes listed at the site.

Columbus Day.
Columbus Day celebrates Christopher Columbus’s first voyage to the Americas in 1492. Use this day off to review your budget for the past few months and check where you are in terms of savings for the upcoming holidays. You can also head over the theanimalrescuesite.com to click on the purple button to donate food for free to shelter pets, and the green button for the rainforest site to help preserve the last of the world’s great rainforests from further incursions and the loss of habitat that can bring animals living there to the brink of extinction.

15 Sweetest Day.
Sweetest Day was established to do something special for others, particularly for those who are less fortunate than yourself. On this Sweetest Day, make a donation to your local foster care organization or a world hunger cause. Go to theanimalrescuesite.com and click on the purple button to contribute free food to animal shelters. Then click on the yellow hunger button to donate food to end hunger worldwide.

16 National Bosses’ Day.
Celebrate your boss today. After all, it’s most likely because of him or her (directly or indirectly) that you’ve got a job. Even if they can be a pain, think of all the ways your steady paycheck makes your life easier.

16-22 Record all the money you spend for a week.
Beginning today, record every purchase and every bill you pay for the next week. Doing so will help highlight any unnecessary spending and help you curb these habits in the future.

24th United Nations Day.
It was on this day in 1945 that the UN’s document was signed and accepted by Security Council members. This date reminds us of UN’s mission, goals and achievements. Speaking of mission, goals and achievements, what are your missions, goals and achievements related to your finances so far this year? This is a good time to check to see if you are on target with your financial goals.

31 Halloween. “Treat” each of your children by making a $50 deposit into their individual savings accounts this Halloween instead of spending a small fortune on candy, costumes and decorations.

These are just a few ideas on how to make October a profitable and productive money when it comes to money matters.

Further Reading
Smart Spending Strategies (More for Less Guides)

YOUR RECESSION SURVIVAL GUIDE: How to Save Money and Even Boost Your Income in This Recession (Money Matters)

Probate is the legal process of administering the property and assets left by someone when they die (the decedent).  The probate process also oversees the payment of claims, debts, taxes and other related expense against the estate are all paid according to the law.

Probate property is defined as property in the decedent’s name alone and is distributed by the directions of the will or according to the law.  The probate proceedings take place in the county where the decedent lived and owned the property.  If the decedent also owned property in another state, additional probate court proceedings may be required in that state.

Some property owned by the decedent may not be considered in the probate process and is not known as probate property.  Any property held by the decedent and another person jointly, any property held in a trust, any bank or other accounts that are “payable on death,” or “transfer on death” to a named beneficiary, and any insurance and retirement benefits that have a named beneficiary are not considered probate property.  However, all property is considered estate property and is still subject to federal or state taxes, whether or not it is probate property.

The probate process is necessary to legally give the executor or personal representative of the estate the right to handle the decedent’s probate assets.

The process gives the executor the duty of safeguarding the assets and property of the estate for the benefit of the heirs and beneficiaries.

Probate then allows for the creditors against the estate to be able to collect any debts owed by the decedents before the remaining assets are distributed to the heirs.  There are costs in the administration of this sometimes lengthy process that must be paid from the estate also.

What are the duties required by probate?  The first task of the probate court is to appoint a person to administer the estate.  This person is called the personal representative or administrator, or if so named in a will, the executor.  The executor or administrator can be a single person, a trust company, or a bank.

The executor or administrator has many tasks to complete in the probate process.  He or she must care for all of the property and assets of the decedent.  He or she must receive any payments due to the estate from interest, income, or dividends of any sort and then collect and legitimize any debts due to the estate.

Then, all names, addresses, and pertinent information about the heirs and beneficiaries must be gathered.  The executor or administrator must then collect and validate any debts against the estate and pay the outstanding debts, which includes filing state and estate tax returns and paying the taxes for same.

The last task of the administrator is to distribute the remaining assets to the heirs and beneficiaries according to the will and the laws of the court.

The probate court judge and the probate court task supervises the entire process.  Each separate action requires that the appropriate paperwork and numerous documents be filed in a timely and lawful way.

Each step of the process can be tricky and time consuming.  As an executor or personal administrator, he or she may want to consult an attorney specializing in probate matters and a certified public accountant to handle the tax issues.

What is probate?
Probate is the process by which an estate left by a loved one who dies or “decedent” is administered, process and ultimately transfered to the heirs and beneficiaries of the estate.

The estate is first inventoried, then any debts against the estate are paid, any moneys due to the estate are collected, and then the remaining assets are distributed to the beneficiaries and heirs.

What property is excluded from the probate process?

Any  property that is held by the decedent and someone else jointly or as “joint tenants with right of survivorship,” any property in a trust account that are “payable on death (POD) or “transfer on death TOD)”  to a named person or persons, and any insurance or retirement benefits that have a named beneficiary will not go through the probate process.

Why does the property have to go through probate?

The probate process exists to protect all parties involved.  Probate endows the executor or personal representative for the estate to handle the assets legally.  Then, probate allows creditors the opportunity to make claims against and collect debts from the estate before the property ownership is transfered to the heirs and beneficiaries.

What are the normal steps to the probate process?

The probate court will appoint an executor in the case of a will, or a personal representative or administrator in the case of no will involved.  The executor or administrator will accomplish the following tasks:  care for the property, receive payments due to the estate, pay all legitimate debts against the estate, gather name, addresses, and other pertinent information of interested parties, pay all outstanding taxes against the property, and finally, distribute the remaining assets to the heirs and beneficiaries.

What are the costs of probate?

Each type of document that is filed in probate has a separate cost associated with it, typically around $200 per document.  There can be attorneys fees charged for handling each part of the process, but these fees mostly must be approved by the probate court.  The executor or administrator can also be paid a percentage of the estate for handling the case.

How long can probate take?

The length of probate cases vary from case to case.  If the estate is relatively small, does not require filing state income tax, and has no complex creditor issues, the case can be settled in as little as six months.  However, several factors can stretch out the process.  If the estate must go through a tax audit, or if someone contests the will for any reason, the process can be delayed up to several years.  Most probate cases are resolved anywhere from nine months to one year.

What about a will?

It is always a good idea to have a will properly drawn up.  A will will make sure that your assets and property end up with the person or persons you intend.  You can also name your own executor and settle any matters of dependent children in the will.  It is always a good idea to review your will with an attorney to make sure that it meets your current needs.  If you do not make out a will, your property will be distributed according to the inheritance laws of the state where you live.  Will or not, your property will go through the probate process; a will just gives you more control in the outcome.

Probate is the legal process of processing and transferring property and assets upon one’s death.  Although the customs and laws of probate have changed somewhat over the years, the purpose of probate has remained the same.

People itemize their intentions about the transfer of their property  at the time of their death, usually in the form of a will.  The property concerned is then inventoried, outstanding debts are paid from the estate, taxes are paid and the remaining property, and assets are distributed among the heirs and beneficiaries.

Today’s probate courts are endowed with the task of sorting out the legalities of the transfer of property when someone dies.  The property we are talking about is any property owned by the deceased or “decedent” at the time of death, which does not directly pass to another person by ownership or designation, for example a bank account set up as “payable on death,” or a life insurance policy.

One common expression that is heard is “probating a will.”  The process of probate is concerned with proving to the court that the decedent had a legal will when he died.

What is normally taught about probate nowadays is how to avoid it.  The reason so many people are concerned with avoiding probate is to avoid the sometimes expensive probate fees.

In fact, it is quite possible to avoid the probate process completely, with a little advanced planning.

There are three common ways that people avoid probate:  joint ownership of property with the right of survivorship, gifts, and revocable living trusts.

However, the probate system exists for a reason and can protect all parties involved.

What exactly happens in probate?  The probate process can be contested or uncontested.  Many probate cases are contested because a disgruntled heir is seeking more that his or her share of the decedent’s property and thus has to prove why he or she deserves more.  The complainant will often argue that the decedent was not in his or her right mind when making the will (insufficient mental capacity), or that he or she was unduly influenced by someone else while deciding who gets what.

The complainant will often challenge the validity of the will by finding ways to prove that the decedent did not follow proper legal procedures when writing the will.

The majority of probate cases, however, are uncontested and follow the same basic procedure.

First, the probate court will appoint an executor or personal representative to oversee the court proceedings.  The properties are collected and inventoried.  Then, all debts, claims, and taxes against the estate are paid.

After that step, anything owed to the estate such as income, interest or dividends are collected.  Next, any disputes are settled and the remaining assets and properties are distributed to the heirs and beneficiaries.

In this country, people may leave their property to whomever they wish and may make such provisions in their wills.  There are occasions where the wishes of the decedent have been overridden by the courts.

The larger and more complex a case is, the longer and more expensive the probate process can be.

These are the basics of probate. To learn more, do your research online or the library-there are plenty of good estate planning and estate management resources available.

Probate is the process of handling the estate and assets of a person who passes away.  The probate courts make sure that all the outstanding debts of the deceased are paid, and that the beneficiaries of the estate get what is left.

The important documents relating to the probate court case are known as the probate records.  The first and most important document relating to the probate case is the will.  The will should list the assets of the estate, who will be the beneficiaries, who will act a a personal representative for the estate, and who will be the guardian for any minor children.  The will has to be legally drawn up with properly witnessed and notarized signatures.

There are many ways to draw up a legal will.  Courts and law firms give away forms for will writing, and today, there are books, CDs, computer software, websites and e-books dealing with writing wills.  Whichever method you choose to use to write your will, it is a good idea to get a lawyer specializing in wills to look over the final draft.

Another important document in the probate process is the proof of assets.  The proof of assets is basically a list of the estate assets, which can include bank accounts, IRAs, stocks, securities, life insurance benefits, property, Social Security benefits, Tax Refunds, and any other item of value owned by the deceased.

There are other important administrative papers that are also necessary in the probate process.  One of these is the petition for letters of administration, which is filed with the death certificate.

A judge conducts the probate court proceedings.  With a letter of appointment, he appoints a person as executor of the will who administers the assets and handles the general proceedings.

Sometimes the judge will hold probate hearings and answer questions that are raised about the probate case by issuing written directions or “orders.”  For example, the judge will issue an order to pay the deceased’s debts and taxes, then divide what is left among the beneficiaries.

The next step in the process is to post a Notice of Administration.  This document is also known as the Notice to Creditors.  The personal representative will give this notice after identifying, appraising, and safeguarding the probate assets, to the local newspaper. This document is published in the newspaper so that anyone, creditors included, can learn of the current status of the estate.

This will allow the creditors to take action if there is a claim to be filed against the account.  The creditor would then file a “Creditor’s Claim,” which would allow them to get back any money owed by the deceased.  In some states, like Washington, the Notice to the Creditor is optional.

After the creditors have been paid, the personal representative will distribute the remaining assets to the beneficiaries and heirs, who will then sign a document, the “Receipt and Waiver,” which says that the beneficiaries received their fair shares of the estate.

The last step for the personal representative is to submit all of the Receipts and Waivers and a document known as the “Declaration of the Completion of Probate” to the court for final processing.

Finally, the probate court will declare an order for the transfer of assets and property to the beneficiaries and heirs.  With this declaration, the probate process is completed.

Probate is an essential part of estate management. The rules differ from state to state so be sure to look up the most recent information on probate in your state.

NOLO Publishers also has a useful website with Probate FAQs and a place to make your own will online.  Go into your local library as well; chances are they will have some of the NOLO books right there for you to consult.