Achievving a Successful 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 duty of the court to make sure that all eligible beneficiaries get an equal share of the estate. However, there are assets that will not be included in the probate. Such include insurance policies and assets 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 you will find it prudent to have a will before you pass away.
You will have close to four years to file a probate as a beneficiary. Sometimes it is because these family members are not sure of what they want. It will involve both time and energy. Complete trust and disclosure is necessary in this whole process. The executor may take between six and eighteen months to settle this estate. In case of any family feud, the process will usually take a longer period. You will need to be accountable to the last cent. There is also a possibility of a beneficiary contesting a trust. This will make it necessary to have the assets frozen. 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 surely protect the assets within the trust from being wasted.
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. You will learn that the naming of the executor will be done at this stage. The beneficiaries will also have the right to contest this choice. It is necessary that this will be proven. 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. The process becomes relatively easier and faster. 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. Always get to understand estate laws. You will learn that it is more appropriate to get a top-class probate attorney to help you out when challenging a will.
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