Achievving a Successful 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. It is the court that will offer an equal division between eligible beneficiaries. There are certain assets that will not be included in the probate. Some of these policies include insurance policies and those assets that are funded by a trust. 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. This is why it is always important for you to create 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 will involve both time and energy. Complete trust and disclosure is necessary in this whole process. The executor may take between six and eighteen months to settle this estate. Presence of family disputes could derail the process even further. You will need to be accountable to the last cent. 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 done through placement of a lien on the property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. You also have the option of going for a temporary restraining order or the most common 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. 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. It is within the rights of the beneficiaries to contest this particular choice. There will also be a need for the will to be proven valid. It takes a while to settle probate processes. You will discover more creditors will be reached through this period. Probates can be avoided by prior planning. This makes the process more convenient. Come up with a trust that will give you room to move this property. 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.
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