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 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. 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. A number of these policies entail those assets that are trust funded as well as insurance policies. 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. Sometimes it is because these family members are not sure of what they want. It actually takes time and energy. This process will definitely involve full disclosure and trust. 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. Freezing of assets will turn out to be one of the best options. This can be done through placement of a lien 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 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. Once this is done, the property will be divided in accordance to the wishes of the deceased. You will learn that the naming of the executor will be done at this stage. 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. With this window of time, more creditors will be allowed to come forward. Probates can be avoided by prior planning. This makes the whole process quite easy and fast. Initiate a trust to allow you move the property. After that you will have to convert the account to be paid upon 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.
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