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 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. The probate does not take into account certain assets. A number of these policies entail those assets that are trust funded as well as insurance policies. 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.
The beneficiaries have a period of up to four years to file a probate. In most cases, it is because the beneficiaries might not be conversant with the whole process. It actually takes time and energy. This process will definitely involve full disclosure and trust. 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. This will make it necessary to have the assets frozen. 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 surely protect the assets within the trust from being wasted.
The financial obligations of the deceased will always be settled through a probate process. 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. It is within the rights of the beneficiaries to contest this particular choice. It is necessary that this will be proven. 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. 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. 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. You will learn that it is more appropriate to get a top-class probate attorney to help you out when challenging a will.