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. Th court will make sure that they equally divide the estate to all the eligible beneficiaries. The probate does not take into account certain assets. Such include insurance policies and assets funded by a trust. 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. For as long as an asset is not designated, then it will undergo this probate process. It is for this reason that you need to always have a will.
The beneficiaries have a period of up to four years to file a probate. In most cases, it is because the beneficiaries might not be conversant with the whole process. It will involve both time and energy. Complete trust and disclosure is necessary in this whole process. 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. There needs to be total accountability in this process. 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. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. You can also place a temporary restraining order or even an injunction. This will make sure that the assets within these trusts will not be susceptible to wastage.
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. It takes a while to settle probate processes. You will learn that this is the only way to give creditors a chance to come forward. Avoiding probate will also require a plan. This makes the whole process quite easy and fast. Come up with a trust to allow you move all the property to it. Make the accounts to bear the property of being paid upon death. Joint tenancy is a great idea to harbor. Always get to understand estate laws. If you want to challenge the will you are advised to get a good probate attorney.