The decedent’s will or trust document dictates how their assets will be distributed. Trust settlement is a private process and does not require court supervision. Will settlement is done through the court process of probate. If the decedent has no will, referred to as “dying intestate”, the state of residence has a procedure that is followed. If the decedent has a “simple will” and a surviving spouse, the assets will transfer to the surviving spouse through the probate process. If property is held “Tenancy In Common”, it is subject to the probate process as well.
Organization |
University of Minnesota Extension |
Publisher |
University of Minnesota |
Publication Views |
1039 |
Material Type |
Written Material |