What Is Probate And How Does It Work?
Probate is described as a legal process whereby, a deceased individual%u2019s estate will be distributed properly to designated beneficiaries and heirs and any debts owing to creditors will be paid off. Typically, probate property will be distributed according to what is stated in the deceased’s Last Will and Testament, when there is one present. If there is no Will present, the probate property will be distributed according to the state laws.
What Steps Are Involved In Probate?
The process of probate includes a number of basic steps:
- A person will be appointed in order to administer an estate. When the deceased has left behind a Will, an administrator will usually be named in this Will, and this person is known as an executor. If the Will does not name an executor or there is no Will, a probate court will appoint someone of their choosing.
- The Will is then proven in a court that it is valid. The state laws govern probate processes, which is why it is of importance that people stick to the state requirements in association to witnesses, signatures or/and notaries to ensure that the Will is in fact valid.
- The property of the deceased person is then inventoried and identified. Many of the assets are not allowed to be distributed or sold until the process of probate is complete.
- The properties will then be appraised.
- Any taxes or debts that are still owing are paid off.
- If any assets remain, they are then distributed associated with what was stated in the deceased’s Will. If there is no Will present, all assets are distributed according to the state laws.
What Happens When There Is No Last Will And Testament?
When the Will has not appointed a designated beneficiary or the deceased person failed to leave behind a Will, it is then through a court-supervised process that any assets that remain are distributed. The probate processes allow for any individuals to question or challenge the Will, which then involves the court making a decision on an appropriate beneficiary or beneficiaries for the assets that are in question.
How Long Do Probate Processes Take?
The ABA (American Bar Association), suggest that the typical probate process takes 6 to 9 months to complete after the case has been opened with a court. This usually varies dependent on a court and might take years when disputes arise over legalities of distribution of the assets or the Will. An experienced probate attorney like those at https://www.losangeles-orangecountylawyer.com/wills-probate/ can ensure the process is as timely as possible. Additionally, there can be costs involved in probate processes, which can include court fees. These fees may become the responsibility of an executor nominated in the Will, in the cases when these fees cannot be covered by the deceased’s estate. For this reason, many individuals make the choice to obtain a Living Trust, which can assist in avoiding probate along with decreasing the amount of time it usually takes in order to settle the estate.
What Property Will Not Be Included In Probate?
There are certain assets which are not included in probate which are commonly known as Non-probate Assets. This can include a life-insurance policy which designate beneficiaries or bank accounts that have a beneficiary specified that pays out upon death. It is possible to make sure just about all assets are classified as non-probate by placing them into Living Trusts.
The probate laws will vary from one state to another, and it may not always be necessary for estates to enter probate processes when someone dies. The primary aim of estate-planning revolves around avoiding the processes of probate so that assets are distributed to beneficiaries as quickly as possible.
