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 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. However, there are 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. 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 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. In case of any family feud, the process will usually take a longer period. You will need to be accountable to the last cent. 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 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. 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. Beneficiaries can always contest this choice. It is necessary that this will be proven. The probate process will always take time. You will discover more creditors will be reached through this period. Avoiding probate will also require a plan. This makes the whole process quite easy and fast. 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 get to understand estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.