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 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. Some of these policies include insurance policies and those assets that are funded by a trust. Probate assets will always include all solely owned businesses, investment accounts as well as all the real estate owned by the deceased. Any asset that is not designated will automatically undergo this probate process. This is why it is always important for you to create a will.
The beneficiaries will always be given around four years to file a probate. You will learn that a good number of beneficiaries may not be sure of exactly 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. If you are able to avoid family disputes, then the process will be relatively shorter. You have to learn to cover each cent available. 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. 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 within these trusts will not be susceptible to wastage.
The purpose of a probate is there in order to collect and pay any debts owed. 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. Beneficiaries can always contest this choice. It is necessary that this will be proven. The probate process will always take time. 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 to allow you move all the property to it. After that you will have to convert the account to be paid upon death. This needs to extend to establishing a joint tenancy. Always get to understand 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.