If you live in North Carolina and wish to take advantage of a sales tax holiday near you, try shopping in one of these five nearby states. They all have tax-exempt weekends scheduled for 2018. Alabama will hold a severe weather tax free holiday on Feb. 23 â 25, 2018.
All of these matters are addressed by the probate process in the state in which the deceased person lived. Probate is the legal process of administering a deceased personâs estate. A decedentâs probate estate consists of assets left owned by the decedent in his or her name alone. Before any beneficiary or heir of a deceased person can receive property that belonged to the deceased person, the estate must be properly administered and all debts of the estate must be cleared.
Assets that are put into a trust while the deceased is still alive belong to the trust, not to the deceased, at the time of death. Because of this, those assets are not included in the estate that has to go through probate. The most common form of trust used to remove property from probate is a revocable living trust. Itâs revocable because it can be cancelled as long as the person setting it up is still alive and competent to make decisions.