Guide to 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. There are certain 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. 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. 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. In most cases, it is because the beneficiaries might not be conversant with the whole process. It actually takes time and energy. This process will definitely involve full disclosure and trust. The executor may take between six and eighteen months to settle this estate. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. 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 achieved through having a lien placed 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 make sure that the assets under the trust are not vulnerable to any kind of waste.
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 discover more creditors will be reached through this period. Probates can be avoided by prior planning. This makes the whole process quite easy and fast. 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. Always get to understand estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.