This is a process advanced by the courts in a bid to settle the issues of a deceased person. 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 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 include real estate owned by the individual, investment accounts as well as solely owned businesses. 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. Sometimes it is because these family members are not sure of 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. 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 done through placement of a lien on the property. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. 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.
A probate process seeks to settle all financial obligations. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. The executor will be indicated at this stage. 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 learn that this is the only way to give creditors a chance to come forward. Avoiding probate will also require a plan. 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. An established joint tenancy will do the magic too. 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.