What You Need To Know About the 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. 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. 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. 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 will always be given around four years to file a probate. In most cases, it is because the beneficiaries might not be conversant with the whole process. It will involve both time and energy. 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. There needs to be total accountability in this process. There is the freedom to contest a trust by a beneficiary. 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 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.
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. The executor will be indicated at this stage. It is within the rights of the beneficiaries to contest this particular choice. There will also be a need for the will to be proven valid. The probate process will always take time. 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 to allow you move all the property to it. Make the accounts to bear the property of being paid upon death. An established joint tenancy will do the magic too. Always get to understand 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.