What You Need To Know About the Probate Process
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. Such include insurance policies and assets funded by a trust. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. 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. You will learn that a good number of beneficiaries may not be sure of exactly what they want. Be ready to always invest your time and energy in this whole process. Complete trust and disclosure is necessary in this whole process. It will usually take between half a year to eighteen months to fully settle this probate process. 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. As such it will also be necessary for you to freeze the assets. You can do it through placing a lien on this 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 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.
A probate process seeks to settle all financial obligations. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. This is where the executor will be named. It is within the rights of the beneficiaries to contest this particular choice. It is necessary that this will be proven. The probate process will always take time. You will learn that this is the only way to give creditors a chance 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. 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. If you want to challenge the will you are advised to get a good probate attorney.