Achievving a Successful 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 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. A number of these policies entail those assets that are trust funded as well as insurance policies. You will learn that the only things included in the probate are investment accounts, businesses and real estates that are all solely 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. In most cases, it is because the beneficiaries might not be conversant with the whole process. Be ready to always invest your time and energy in this whole process. This process will definitely involve full disclosure and trust. The execution of this entire process might last for a period between six and eighteen months. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. There a more probability of a beneficiary contesting the trust in place. 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 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 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. The executor will be indicated at this stage. The beneficiaries will also have the right to contest this choice. The will has to be verified. These probate cases may actually last for quite a while. You will discover more creditors will be reached through this period. You need a plan to avoid a probate. The process becomes relatively easier and faster. 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. Always learn the changes in estate laws. If you want to challenge the will you are advised to get a good probate attorney.