Achievving a Successful Probate Process
This is a process advanced by the courts in a bid to settle the issues of a deceased person. It seeks to ensure that the estate is able to cover all the obligations of the deceased aside from having the assets being fairly distributed among the beneficiaries. It is the court that will offer an equal division between eligible beneficiaries. The probate does not take into account certain assets. Some of these policies include insurance policies and those assets that are funded by a trust. 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. 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 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. Be ready to always invest your time and energy in this whole process. This process will definitely involve full disclosure and trust. The execution of this entire process might last for a period between six and eighteen months. Presence of family disputes could derail the process even further. There needs to be total accountability in this process. There is the freedom to contest a trust by a beneficiary. Freezing of assets will turn out to be one of the best options. You can do it through placing a lien on this property. This will hinder the trust from either selling or refinancing by the trustee during this entire period. You also have the option of going for a temporary restraining order or the most common injunction. This will surely protect the assets within the trust from being wasted.
The purpose of a probate is there in order to collect and pay any debts owed. After that, the remaining property will be shared among the beneficiaries as requested by the deceased. This is where the executor will be named. The beneficiaries will also have the right to contest this choice. It is necessary that this will be proven. 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 to allow you move all the property to it. You will then convert the accounts to pay-on-death. An established joint tenancy will do the magic too. Always get to understand estate laws. If you want to challenge the will you are advised to get a good probate attorney.