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 aims at ensuring that the estate settles its obligations and that its assets are distributed justly according to the law. 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 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. It is for this reason that you need to always have 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. 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. 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 also a possibility of a beneficiary contesting a trust. This will make it necessary to have the assets frozen. 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 under the trust are not vulnerable to any kind of waste.
The financial obligations of the deceased will always be settled through a probate process. 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. It is necessary that this will be proven. These probate cases may actually last for quite a while. You will learn that this is the only way to give creditors a chance to come forward. Probates can be avoided by prior planning. This makes the whole process quite easy and fast. Initiate a trust to allow you move the property. 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.