A 10-Point Plan for Attorneys (Without Being Overwhelmed)
Guide to the Probate Process
This is a procedure that is meant to settle the affairs of a deceased person that is mostly pushed by the courts. 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 duty of the court to make sure that all eligible beneficiaries get an equal share of the estate. There are certain 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 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. It is for this reason that you need to always have a will.
The beneficiaries have a period of up to 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. 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 have to learn to cover each cent available. There is the freedom to contest a trust by a beneficiary. As such it will also be necessary for you to freeze the assets. 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 surely protect the assets within the trust from being wasted.
A probate process seeks to settle all financial obligations. Once this is done, the property will be divided in accordance to the wishes of the deceased. This is where the executor will be named. It is within the rights of the beneficiaries to contest this particular choice. The will has to be verified. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. This makes the process more convenient. Come up with a trust that will give you room to move this property. After that you will have to convert the account to be paid upon death. This needs to extend to establishing a joint tenancy. Always get to understand estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.