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What You Need To Know About the 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 aims at ensuring that the estate settles its obligations and that its assets are distributed justly according to the law. It is the duty of the court to make sure that all eligible beneficiaries get an equal share of the estate. 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. 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 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. It also takes a lot of both trust and disclosure. 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. You have to learn to cover each cent available. There is also a possibility of a beneficiary contesting a trust. 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. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. You can also place a temporary restraining order or even an injunction. This will make sure that the assets within these trusts will not be susceptible to wastage.
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. This is where the executor will be named. The beneficiaries will also have the right to contest this choice. The will has to be verified. It takes a while to settle probate processes. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. The process becomes relatively easier and faster. Come up with a trust that will give you room to move this property. You will then convert the accounts to pay-on-death. Joint tenancy is a great idea to harbor. Make sure you are more conversant with 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.