After the passing of a testator, his or her estate undergoes probate (if he or she didn’t put necessary plans in place to avoid this process). The probate process is mainly done to determine the authenticity of a will. In case the estate owner failed to prepare a will before passing, probate will be done to distribute the assets of the deceased. Let’s delve into the full definition of the probate process.
What is Probate?
Put simply, probate is a legal procedure your estate undergoes after you pass away. During the probate proceeding, a court will begin the process of sharing your estate to the right heirs.
Probate is always simpler if you own a will and/ or Living Trust that explicitly states your wishes. These documents help most by naming your beneficiaries and an executor. An executor is the individual charged with supervising your ultimate wishes.
If you have created an estate plan, you are smart. Creating a will or living trust makes a hard life-event just a little easier for your loved ones.
It is essential to understand that your will still must undergo probate. However, it is so much easier when you have made futuristic plans. During probate, a court will first validate your will, and then authorize your executor to settle all debts and taxes and share your remaining property based on your wishes. You probably have several questions about probate, which is why it makes sense to read on.
How probate works
Probate is the assessment and transfer administration of estate assets formally owned by a deceased individual. When a property owner passes, his assets are commonly analyzed by a probate court. The probate court provides the final ruling on the division and sharing of assets to beneficiaries. A probate proceeding will normally begin by determining whether or not the deceased individual has provided a legalized will.
In a lot of cases, the deceased individual has established documentation, which consist of instructions on how their assets should be shared after death. But, in some cases, the deceased doesn’t leave a will.
How long do most estate take to settle?
It is always the case that an estate can be completed within 6 months of the date of death where, for instance, there is no property to be sold and no other challenging factors. When the estate administrator begins, it is always hoped that all issues will be completed within a year. One important reason for this is that the estate will have to pay interest on pecuniary legacies (sum of money) that are paid to estate beneficiaries after this period.
Other circumstances can spring up during the course of the administration of an estate which may delay matters. On the flip side, roadblocks that have been anticipated may not result in the problems, meaning the administration is wound up far quicker than envisioned.
- Timescale can likewise be affected by two significant factors:
- The assets in the estate,
- How they are being transferred.
Need a Probate Lawyer?
The probate process can be time-consuming, stressful, and pretty complicated. For this reason, you need to contact a professional to help you handle the probate process. If you were designated as the executor of an estate, the chances are that you’ll represent the decedent in court.
As the estate executor, you will be charged with multiple tasks, ranging from settling of unpaid debt and taxes, ensuring that the deceases assets are well accounted for, etc. These are difficult tasks, especially if you lack the experience.
So what do you do? To get some of these burdens off your shoulder, it is best you contact a probate lawyer. A probate lawyer will ensure that the necessary tasks are taken care of quickly. In addition this professional will answer your questions and quell your worries. If you are a beneficiary to the estate, a probate attorney can also be of help.
Contact us
Contact us to provide you with the best probate lawyer for your case. Our probate lawyers are quite experienced, understanding, and up-to-date about probate laws.