Guide to 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. Such include insurance policies and assets funded by a trust. Probate assets will always include all solely owned businesses, investment accounts as well as all the real estate owned by the deceased. The probate process will consider all the assets that do not have a designated tag. This is why you will find it prudent to have a will before you pass away.
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. It also takes a lot of both trust and disclosure. 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. You have to learn to cover each cent available. There is also a possibility of a beneficiary contesting a trust. 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 can also place a temporary restraining order or even an injunction. This will make sure that the assets under the trust are not vulnerable to any kind of waste.
The financial obligations of the deceased will always be settled through a probate process. 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. The will has to be verified. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. This makes the process more convenient. Come up with a trust that will give you room to move this property. After that you will have to convert the account to be paid upon death. This needs to extend to establishing a joint tenancy. Always get to understand 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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