This is a process used by courts to settle the affairs 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. Th court will make sure that they equally divide the estate to all the eligible beneficiaries. The probate does not take into account certain assets. Such include insurance policies and assets 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 it is always important for you to create a will.
The beneficiaries will always be given around four years to file a probate. In most cases, it is because the beneficiaries might not be conversant with the whole process. It will involve both time and energy. 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. You will need to be accountable to the last cent. 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 mean that the trustee cannot sell or refinance the at least for the period of the lien. You will have the freedom to ask for a restraining order that will be in existence temporarily or get an injunction. This will surely protect the assets within the trust from being wasted.
A probate process seeks to settle all financial obligations. Once this is done, the property will be divided in accordance to the wishes of 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 learn that this is the only way to give creditors a chance to come forward. You need a plan to avoid a probate. The process becomes relatively easier and faster. Initiate a trust to allow you move the 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. In case you want to challenge the will, you will need an experienced attorney by your side.