What You Need To Know About the Probate Process
This is a procedure that is meant to settle the affairs of a deceased person that is mostly pushed by the courts. It purposes to make sure that the estate is able to cover all the obligations as well as fairly distribute the assets in accordance to the law. It is the court that will offer an equal division between eligible beneficiaries. The probate does not take into account certain assets. A number of these policies entail those assets that are trust funded as well as insurance policies. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. For as long as an asset is not designated, then it will undergo this probate process. It is for this reason that you need to always have a will.
You will have close to four years to file a probate as a beneficiary. In most cases, it is because the beneficiaries might not be conversant with the whole process. It will involve both time and energy. This process will definitely involve full disclosure and trust. The execution of this entire process might last for a period between six and eighteen months. If you are able to avoid family disputes, then the process will be relatively shorter. There needs to be total accountability in this process. There is the freedom to contest a trust by a beneficiary. As such it will also be necessary for you to freeze the assets. You can do it through placing a lien on this property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. You can also place a temporary restraining order or even an injunction. This will make sure that the assets within these trusts will not be susceptible to wastage.
The purpose of a probate is there in order to collect and pay any debts owed. Upon this settlement, the property will then be shared as per the directions given by the deceased. The executor will be indicated at this stage. Beneficiaries can always contest this choice. The will has to be verified. It takes a while to settle probate processes. With this window of time, more creditors will be allowed to come forward. Probates can be avoided by prior planning. This makes the process more convenient. Come up with a trust to allow you move all the property to it. Make the accounts to bear the property of being paid upon death. This needs to extend to establishing a joint tenancy. Always learn the changes in estate laws. You will learn that it is more appropriate to get a top-class probate attorney to help you out when challenging a will.
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