This is a process advanced by the courts in a bid to settle the issues of a deceased person. 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. The probate does not take into account certain assets. 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. The probate process will consider all the assets that do not have a designated tag. It is for this reason that you need to always have a will.
The beneficiaries will always be given around four years to file a probate. You will learn that a good number of beneficiaries may not be sure of exactly what they want. Be ready to always invest your time and energy in this whole process. Complete trust and disclosure is necessary in this whole process. 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 have to learn to cover each cent available. There is the freedom to contest a trust by a beneficiary. 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. For the whole period, it will be important to learn that the trustee will not be able to sell or refinance the trust. You also have the option of going for a temporary restraining order or the most common injunction. This will make sure that the assets under the trust are not vulnerable to any kind of waste.
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. The executor will be indicated at this stage. It is within the rights of the beneficiaries to contest this particular choice. The will has to be verified. These probate cases may actually last for quite a while. With this window of time, more creditors will be allowed to come forward. Avoiding probate will also require a plan. The process becomes relatively easier and faster. 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. This needs to extend to establishing a joint tenancy. 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.