This is a process advanced by the courts in a bid to settle the issues 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. There are certain assets that will not be included in the probate. Such include insurance policies and assets funded by a trust. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. For as long as an asset is not designated, then it will undergo this probate process. To Learn more about Probate Process, view here. This is why you will find it prudent to have a will before you pass away.
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. Be ready to always invest your time and energy in this whole process. Complete trust and disclosure is necessary in this whole process. The executor may take between six and eighteen months to settle this estate. Presence of family disputes could derail the process even further. You will need to be accountable to the last cent. There is also a possibility of a beneficiary contesting a trust. As such it will also be necessary for you to freeze the assets. 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 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 within these trusts will not be susceptible to wastage.
The financial obligations of the deceased will always be settled through a probate process. Click this to Read more about Probate Process . Once this is done, the property will be divided in accordance to the wishes of the deceased. This is where the executor will be named. The beneficiaries will also have the right to contest this choice. It is necessary that this will be proven. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. Probates can be avoided by prior planning. 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. This needs to extend to establishing a joint tenancy. 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.