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. 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 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. 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. You have to learn to cover each cent available. 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. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. 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. Once this is done, the property will be divided in accordance to the wishes of the deceased. The executor will be indicated at this stage. It is within the rights of the beneficiaries to contest this particular 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. Avoiding probate will also require a plan. The process becomes relatively easier and faster. Come up with a trust that will give you room to move this property. Make the accounts to bear the property of being paid upon death. Joint tenancy is a great idea to harbor. Always learn the changes in 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.