Becoming Familiar With How The Probate Process Works
Probate is a legal procedure that comes about when an individual passes on. It involves the transfer of assets from the name of the deceased to that of his/her beneficiaries as well as the creditors. The procedure, generally overseen by the executor outlined in the will, can take a few months to one year, or even more if there are conflicts. Regardless if the deceased leaves a will or not, his/her estate must undergo the legal process of wealth transfer to his/her heirs.
Fully understanding how the probate process works.
If you are involved in the process, then you need to seek the legal services of an legal professional who is knowledgeable in handling wills, or those who are knowledgeable in dealing with probate cases. This will ensure that your rights are protected while gaining insights into how the probate process works. Every probate process is unique since there are different amounts of assets, parties, debtors and nature of wealth involved.
In the majority of states, if the deceased does not leave a will or trust, then the control of his or her assets will immediately be passed on to his/her spouse hence there will be no need for probate. Nevertheless, there are situations where the surviving spouse may not automatically assume ownership of the deceased property and assets, hence the need for probate whether or not the deceased had a will. Under such situations, the probate court will assist the parties involved in splitting the property amicably and legally. Probate laws do differ from one state to the other, and this is where the property division can get problematic, more so when the individuals involved do not comprehend how probate law works.
The majority of wills commonly come with the name of the executor, the person who will make sure that the will is carried out as per the wants of the deceased. The primary role of the executor is to identify and record the deceased's assets with the help of the probate procedure. Nevertheless, in an occurrence that there is no will or trust, then the probate court will need to designate an intestate estate representative referred to as an administrator to supervise the wealth distribution process.
What happens during the probate process?
The first task of the executor or the administrator is to start a case with the probate court depending on the local state laws. After that, the executor needs to compile an inventory of the deceased assets. Some items such as bank accounts and life insurance that comes with "payable on death" clause do not have to go through the probate procedure because they bypass through contracts from one individual to another.
After organizing the inventory of all the property and assets, the executor will need to settle all the deceased outstanding debts and taxes. After this, the executor will then distribute the assets to the beneficiaries as outlined in the will, and if there is no will, in accordance with the law.
Given that the probate process often takes a very long time, most people prefer to avoid it. The only difficulty is that avoiding probate requires foresight that most people do not undertake. However, establishing up a revocable living trust is an good way of protecting your loved ones from the disheartening experience and cost of going through this process.
Fully understanding how the probate process works.
If you are involved in the process, then you need to seek the legal services of an legal professional who is knowledgeable in handling wills, or those who are knowledgeable in dealing with probate cases. This will ensure that your rights are protected while gaining insights into how the probate process works. Every probate process is unique since there are different amounts of assets, parties, debtors and nature of wealth involved.
In the majority of states, if the deceased does not leave a will or trust, then the control of his or her assets will immediately be passed on to his/her spouse hence there will be no need for probate. Nevertheless, there are situations where the surviving spouse may not automatically assume ownership of the deceased property and assets, hence the need for probate whether or not the deceased had a will. Under such situations, the probate court will assist the parties involved in splitting the property amicably and legally. Probate laws do differ from one state to the other, and this is where the property division can get problematic, more so when the individuals involved do not comprehend how probate law works.
The majority of wills commonly come with the name of the executor, the person who will make sure that the will is carried out as per the wants of the deceased. The primary role of the executor is to identify and record the deceased's assets with the help of the probate procedure. Nevertheless, in an occurrence that there is no will or trust, then the probate court will need to designate an intestate estate representative referred to as an administrator to supervise the wealth distribution process.
What happens during the probate process?
The first task of the executor or the administrator is to start a case with the probate court depending on the local state laws. After that, the executor needs to compile an inventory of the deceased assets. Some items such as bank accounts and life insurance that comes with "payable on death" clause do not have to go through the probate procedure because they bypass through contracts from one individual to another.
After organizing the inventory of all the property and assets, the executor will need to settle all the deceased outstanding debts and taxes. After this, the executor will then distribute the assets to the beneficiaries as outlined in the will, and if there is no will, in accordance with the law.
Given that the probate process often takes a very long time, most people prefer to avoid it. The only difficulty is that avoiding probate requires foresight that most people do not undertake. However, establishing up a revocable living trust is an good way of protecting your loved ones from the disheartening experience and cost of going through this process.