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 aims at ensuring that the estate settles its obligations and that its assets are distributed justly according to the law. 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. 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. This is why it is always important for you to create 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. It actually takes time and energy. Complete trust and disclosure is necessary in this whole process. It will usually take between half a year to eighteen months to fully settle this probate process. If you are able to avoid family disputes, then the process will be relatively shorter. There needs to be total accountability in this process. There is the freedom to contest a trust by a beneficiary. Freezing of assets will turn out to be one of the best options. This can be achieved through having a lien placed on the property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. 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 financial obligations of the deceased will always be settled through a probate process. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. You will learn that the naming of the executor will be done at this stage. Beneficiaries can always contest this 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. The process becomes relatively easier and faster. Come up with a trust to allow you move all the property to it. You will then convert the accounts to pay-on-death. An established joint tenancy will do the magic too. Always get to understand estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.