Guide to the Probate Process
This is a process used by courts to settle the affairs of a deceased person. It purposes to make sure that the estate is able to cover all the obligations as well as fairly distribute the assets in accordance to the law. It is the court that will offer an equal division between eligible beneficiaries. There are certain 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. 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 have a period of up to four years to file a probate. Sometimes it is because these family members are not sure of what they want. It actually takes time and energy. 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. You have to learn to cover each cent available. There is also a possibility of a beneficiary contesting a trust. Freezing of assets will turn out to be one of the best options. You can do it through placing a lien on this property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. You also have the option of going for a temporary restraining order or the most common injunction. This will make sure that the assets within these trusts will not be susceptible to wastage.
The financial obligations of the deceased will always be settled through a probate process. 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. The beneficiaries will also have the right to contest this choice. The will has to be verified. It takes a while to settle probate processes. 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. This needs to extend to establishing a joint tenancy. 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.