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 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. Probate assets include real estate owned by the individual, investment accounts as well as solely owned businesses. The probate process will consider all the assets that do not have a designated tag. 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. It will involve both time and energy. 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. If you are able to avoid family disputes, then the process will be relatively shorter. You have to learn to cover each cent available. 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 can also place a temporary restraining order or even an injunction. This will make sure that the assets under the trust are not vulnerable to any kind of waste.
A probate process seeks to settle all financial obligations. Once this is done, the property will be divided in accordance to the wishes of the deceased. You will learn that the naming of the executor will be done 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. 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. Probates can be avoided by prior planning. This makes the process more convenient. Come up with a trust that will give you room to move this 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. If you want to challenge the will you are advised to get a good probate attorney.