Unique Original Articles » Understanding how the probate process works

Probate is a legal procedure that occurs when an individual passes on. It involves the transfer of assets from the name of the deceased to that of his/her beneficiaries as well as the creditors. The process, generally overseen by the executor mentioned in the will, can take a few months to one year, or even more if there are disagreements. Whether the deceased leaves a will or not, his/her estate must endure the legal process of wealth transfer to his/her heirs.

Understanding how the probate process works.

If you are involved in the process, then you need to seek the legal services of an lawyer who is knowledgeable in handling wills, or those who are qualified in working with probate cases. This will ensure that your rights are protected while gaining insights into how the probate process operates. Every probate process is unique since there are various amounts of money, parties, debtors and nature of wealth involved.

In the majority of states, if the deceased does not leave a will or trust, then the ownership of his or her property and assets will automatically be transferred to his/her spouse hence there will be no need for probate. Nevertheless, there are scenarios where the surviving spouse may not immediately assume ownership of the deceased assets, hence the need for probate regardless of whether or not the deceased had a will. Under such cases, the probate court will facilitate the parties involved in separating the property and assets amicably and legally. Probate laws do differ from one state to the other, and this is where the property division can get problematic, more so when the individuals involved do not comprehend how probate law works.

Most wills usually come with the name of the executor, the individual who will ensure that the will is carried out as per the wants of the deceased. The fundamental role of the executor is to identify and record the deceased’s property with the help of the probate system. However, in an occurrence that there is no will or trust, then the probate court will will want to designate an intestate estate representative called an administrator to overlook the wealth distribution process.

What takes place during the probate process?

The first task of the executor or the administrator is to open a case with the probate court depending on the local state laws. Next, the executor needs to compile an inventory of the deceased property and assets. Some items such as bank accounts and life insurance that comes with “payable on death” clause do not need to go through the probate procedure because they pass through contracts from one individual to another.

After organizing the inventory of all the assets, the executor will need to pay off all the deceased outstanding financial obligations and taxes. After this, the executor will then distribute the property to the beneficiaries as outlined in the will, and if there is no will, in accordance with the law.

Given that the probate procedure often takes a very long time, most people tend to avoid it. The only challenge is that avoiding probate requires foresight that most people do not undertake. However, establishing up a revocable living trust is an excellent way of saving your loved ones from the discouraging experience and cost of going through this process.
Beau Follett is the Chief Marketing Officer at www.unitedplangroup.com
Article Source: JS2 Article Marketing