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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 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. The probate does not take into account certain assets. Some of these policies include insurance policies and those assets that are funded by a trust. 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. Sometimes it is because these family members are not sure of 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. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. 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 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 within these trusts will not be susceptible to wastage.
The financial obligations of the deceased will always be settled through a probate process. Upon this settlement, the property will then be shared as per the directions given by the deceased. You will learn that the naming of the executor will be done at this stage. The beneficiaries will also have the right to contest this choice. The will has to be verified. The probate process will always take time. You will learn that this is the only way to give creditors a chance to come forward. Probates can be avoided by prior planning. This makes the process more convenient. Initiate a trust to allow you move the 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.
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