This is a procedure that is meant to settle the affairs of a deceased person that is mostly pushed by the courts. 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. There are certain 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. Any asset that is not designated will automatically undergo this probate process. It is for this reason that you need to always have a will.
The beneficiaries will always be given around four years to file a probate. You will learn that a good number of beneficiaries may not be sure of exactly what they want. 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. 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 a more probability of a beneficiary contesting the trust in place. Freezing of assets will turn out to be one of the best options. This can be done through placement of a lien on the property. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. 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 under the trust are not vulnerable to any kind of waste.
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. This is where the executor will be named. It is within the rights of the beneficiaries to contest this particular 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. This makes the whole process quite easy and fast. Come up with a trust to allow you move all the property to it. You will then convert the accounts to pay-on-death. This needs to extend to establishing a joint tenancy. Make sure you are more conversant with estate laws. In case you want to challenge the will, you will need an experienced attorney by your side.