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 court that will offer an equal division between eligible beneficiaries. There are certain assets that will not be included in the probate. Such include insurance policies and assets 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. For as long as an asset is not designated, then it will undergo this probate process. This is why it is always important for you to create 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. It actually takes 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. If you are able to avoid family disputes, then the process will be relatively shorter. You will need to be accountable to the last cent. 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 done through placement of a lien 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 surely protect the assets within the trust from being wasted.
A probate process seeks to settle all financial obligations. Upon this settlement, the property will then be shared as per the directions given by the deceased. This is where the executor will be named. Beneficiaries can always contest this choice. It is necessary that this will be proven. These probate cases may actually last for quite a while. You will discover more creditors will be reached through this period. Avoiding probate will also require a plan. This makes the whole process quite easy and fast. Come up with a trust to allow you move all the property to it. Make the accounts to bear the property of being paid upon death. Joint tenancy is a great idea to harbor. Always learn the changes in 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.