What You Need To Know About the Probate Process
This is a process used by courts to settle the affairs of a deceased person. It seeks to ensure that the estate is able to cover all the obligations of the deceased aside from having the assets being fairly distributed among the beneficiaries. Th court will make sure that they equally divide the estate to all the 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 will always include all solely owned businesses, investment accounts as well as all the real estate owned by the deceased. 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.
You will have close to four years to file a probate as a beneficiary. 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. It will usually take between half a year to eighteen months to fully settle this probate process. 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 is the freedom to contest a trust by a beneficiary. Freezing of assets will turn out to be one of the best options. You can do it through placing a lien on this 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 within these trusts will not be susceptible to wastage.
A probate process seeks to settle all financial obligations. 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. It is within the rights of the beneficiaries to contest this particular 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. Probates can be avoided by prior planning. 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. An established joint tenancy will do the magic too. 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.
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