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. 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. A number of these policies entail those assets that are trust funded as well as insurance policies. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. The probate process will consider all the assets that do not have a designated tag. This is why it is always important for you to create a will.
The beneficiaries will always be given around four years to file a probate. You will learn that a good number of beneficiaries may not be sure of exactly what they want. It actually takes time and energy. This process will definitely involve full disclosure and trust. 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. There needs to be total accountability in this process. There is the freedom to contest a trust by a beneficiary. This will make it necessary to have the assets frozen. 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 under the trust are not vulnerable to any kind of waste.
A probate process seeks to settle all financial obligations. Upon this settlement, the property will then be shared as per the directions given by the deceased. This is where the executor will be named. It is within the rights of the beneficiaries to contest this particular choice. There will also be a need for the will to be proven valid. 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. The process becomes relatively easier and faster. Initiate a trust to allow you move the property. You will then convert the accounts to pay-on-death. This needs to extend to establishing a joint tenancy. Always get to understand estate laws. If you want to challenge the will you are advised to get a good probate attorney.