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. Th court will make sure that they equally divide the estate to all the eligible beneficiaries. There are certain assets that will not be included in the probate. A number of these policies entail those assets that are trust funded as well as insurance policies. You will learn that the only things included in the probate are investment accounts, businesses and real estates that are all solely owned by the deceased. Any asset that is not designated will automatically undergo this probate process. 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. It also takes a lot of both trust and disclosure. The executor may take between six and eighteen months to settle this estate. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. There is also a possibility of a beneficiary contesting a trust. Freezing of assets will turn out to be one of the best options. This can be achieved through having a lien placed on the property. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. 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 within these trusts will not be susceptible to wastage.
The financial obligations of the deceased will always be settled through a probate process. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. You will learn that the naming of the executor will be done at this stage. The beneficiaries will also have the right to contest this choice. There will also be a need for the will to be proven valid. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. You need a plan to avoid a probate. 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. If you want to challenge the will you are advised to get a good probate attorney.