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 aims at ensuring that the estate settles its obligations and that its assets are distributed justly according 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. 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. 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. If you are able to avoid family disputes, then the process will be relatively shorter. 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 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 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. 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. 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. Avoiding probate will also require a plan. This makes the process more convenient. Come up with a trust to allow you move all the property to it. After that you will have to convert the account to be 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.