What You Need To Know About the Probate Process
This is a process used by courts to settle the affairs of a deceased person. It aims at ensuring that the estate settles its obligations and that its assets are distributed justly according to the law. It is the duty of the court to make sure that all eligible beneficiaries get an equal share of the estate. 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. 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. The probate process will consider all the assets that do not have a designated tag. It is for this reason that you need to always have a will.
The beneficiaries will always be given around four years to file a probate. You will learn that a good number of beneficiaries may not be sure of exactly what they want. It will involve both 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. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. There a more probability of a beneficiary contesting the trust in place. This will make it necessary to have the assets frozen. This can be achieved through having a lien placed on the property. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. 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. After that, the remaining property will be shared among the beneficiaries as requested 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. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. This makes the whole process quite easy and fast. Initiate a trust to allow you move the property. After that you will have to convert the account to be paid upon death. Joint tenancy is a great idea to harbor. Always get to understand estate laws. If you want to challenge the will you are advised to get a good probate attorney.
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