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 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. Some of these policies include insurance policies and those assets that are funded by a trust. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. Any asset that is not designated will automatically undergo this probate process. 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. 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. 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 also a possibility of a beneficiary contesting a trust. As such it will also be necessary for you to freeze the assets. This can be achieved through having a lien placed on the property. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. 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. Once this is done, the property will be divided in accordance to the wishes of the deceased. This is where the executor will be named. The beneficiaries will also have the right to contest this choice. There will also be a need for the will to be proven valid. It takes a while to settle probate processes. You will learn that this is the only way to give creditors a chance to come forward. 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. You will then convert the accounts to pay-on-death. Joint tenancy is a great idea to harbor. Make sure you are more conversant with 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.