What You Need To Know About 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. 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. 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. The probate process will consider all the assets that do not have a designated tag. 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 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. In case of any family feud, the process will usually take a longer period. You have to learn to cover each cent available. 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 done through placement of a lien on the property. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. 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.
The purpose of a probate is there in order to collect and pay any debts owed. 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. The will has to be verified. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. This makes the whole process quite easy and fast. Come up with a trust to allow you move all the property to it. After that you will have to convert the account to be paid upon death. Joint tenancy is a great idea to harbor. Make sure you are more conversant with estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.