Guide to the Probate Process
This is a process advanced by the courts in a bid to settle the issues 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. 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. You will learn that the only things included in the probate are investment accounts, businesses and real estates that are all solely 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. 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. As such it will also be necessary for you to freeze the assets. 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 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. Upon this settlement, the property will then be shared as per the directions given by the deceased. This is where the executor will be named. Beneficiaries can always contest this choice. It is necessary that this will be proven. These probate cases may actually last for quite a while. You will discover more creditors will be reached through this period. Avoiding probate will also require a plan. This makes the process more convenient. Initiate a trust to allow you move the property. After that you will have to convert the account to be paid upon death. An established joint tenancy will do the magic too. 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.
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