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 seeks to ensure that the estate is able to cover all the obligations of the deceased aside from having the assets being fairly distributed among the beneficiaries. Th court will make sure that they equally divide the estate to all the eligible beneficiaries. 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. 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 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. Be ready to always invest your time and energy in this whole process. 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. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. You also have the option of going for a temporary restraining order or the most common injunction. This will surely protect the assets within the trust from being wasted.
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. The executor will be indicated at this stage. It is within the rights of the beneficiaries to contest this particular choice. The will has to be verified. 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. The process becomes relatively easier and faster. Initiate a trust to allow you move the property. Make the accounts to bear the property of being paid upon death. An established joint tenancy will do the magic too. Always learn the changes in estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.