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. However, there are assets that will not be included in the probate. Some of these policies include insurance policies and those assets that are funded by a trust. 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. 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. Be ready to always invest your time and energy in this whole process. It also takes a lot of both trust and disclosure. 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. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. You will have the freedom to ask for a restraining order that will be in existence temporarily or get an injunction. This will surely protect the assets within the trust from being wasted.
A probate process seeks to settle all financial obligations. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. This is where the executor will be named. The beneficiaries will also have the right to contest this choice. The will has to be verified. The probate process will always take time. With this window of time, more creditors will be allowed to come forward. Avoiding probate will also require a plan. The process becomes relatively easier and faster. Initiate a trust to allow you move the property. Make the accounts to bear the property of being paid upon death. Joint tenancy is a great idea to harbor. Make sure you are more conversant with estate laws. If you want to challenge the will you are advised to get a good probate attorney.