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 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. 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. It is for this reason that you need to always have a will.
You will have close to four years to file a probate as a beneficiary. Sometimes it is because these family members are not sure of what they want. It will involve both time and energy. Complete trust and disclosure is necessary in this whole process. The executor may take between six and eighteen months to settle this estate. In case of any family feud, the process will usually take a longer period. You will need to be accountable to the last cent. There a more probability of a beneficiary contesting the trust in place. 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. This will mean that the trustee cannot sell or refinance the at least for the period of the lien. You can also place a temporary restraining order or even an injunction. This will make sure that the assets under the trust are not vulnerable to any kind of waste.
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. You will learn that the naming of the executor will be done at this stage. Beneficiaries can always contest this choice. The will has to be verified. These probate cases may actually last for quite a while. You will discover more creditors will be reached through this period. Probates can be avoided by prior planning. This makes the process more convenient. Come up with a trust that will give you room to move this property. Make the accounts to bear the property of being paid upon death. Joint tenancy is a great idea to harbor. 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.