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. It is the court that will offer an equal division between eligible beneficiaries. The probate does not take into account certain assets. 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. The probate process will consider all the assets that do not have a designated tag. 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. Sometimes it is because these family members are not sure of what they want. Be ready to always invest your time and energy in this whole process. It also takes a lot of both trust and disclosure. It will usually take between half a year to eighteen months to fully settle this probate process. 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 done through placement of a lien on the property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. You can also place a temporary restraining order or even an injunction. This will make sure that the assets within these trusts will not be susceptible to wastage.
The purpose of a probate is there in order to collect and pay any debts owed. Upon this settlement, the property will then be shared as per the directions given by the deceased. The executor will be indicated at this stage. Beneficiaries can always 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. Come up with a trust that will give you room to move this property. You will then convert the accounts to pay-on-death. Joint tenancy is a great idea to harbor. Always learn the changes in estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.