Guide to the Probate Process
This is a process used by courts to settle the affairs of a deceased person. 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. Th court will make sure that they equally divide the estate to all the eligible beneficiaries. There are certain assets that will not be included in the probate. A number of these policies entail those assets that are trust funded as well as insurance policies. You will learn that the only things included in the probate are investment accounts, businesses and real estates that are all solely owned by the deceased. 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.
The beneficiaries have a period of up to four years to file a probate. Sometimes it is because these family members are not sure of what they want. It actually takes time and energy. Complete trust and disclosure is necessary in this whole process. The execution of this entire process might last for a period between six and eighteen months. In case of any family feud, the process will usually take a longer period. You will need to be accountable to the last cent. There is the freedom to contest a trust by a beneficiary. This will make it necessary to have the assets frozen. 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 will have the freedom to ask for a restraining order that will be in existence temporarily or get 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. You will learn that the naming of the executor will be done at this stage. Beneficiaries can always contest this choice. It is necessary that this will be proven. The probate process will always take time. You will discover more creditors will be reached through this period. Avoiding probate will also require a plan. 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. Joint tenancy is a great idea to harbor. Always learn the changes in estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.