What is a probate
Probate is the prescribed way for a title of a property to be transferred from a decedent to his beneficiaries or heirs. It is confusing, expensive, and a time consuming process. It is supposed to resolve all the disputes, recover all the bills which were to be paid by the decedent and collects all the applicable taxes. Most of what happens during a probate is actually accounting. In a majority of cases, there are neither conflict nor contesting parties. So there is no need for a court proceeding. However, it is impossible to avoid a probate, unless the estate hand over is planned properly.
Some states insist on probate; whether, you have a will or not. When an asset enters probate, there is always a fair chance that the assets may be distributed in a way in which you did not intend it to be. Hence, it is advisable to write a will. A valid will gives you an account of how you want to distribute your assets among your successors. It determines who get what from your property.
In general, after the death of a person, the person named in the will as the decedent's ‘Personal Representative’ or ‘Executor’ goes to an experienced probate attorney. Then the attorney prepares a court petition and takes it to a probate court. With the help of the petition and will, he files for the probate proceedings.
Then the lawyer has to notify all the people who would be legally entitled to receive a share of decedent’s assets. The court gives them a chance to file a formal objection to will’s consideration in the probate. In the hearing, which is typically scheduled several weeks after filing the petition, the will is contested. If the objection is accepted, the will is not considered. The matter is then treated as though there was no will. To prove the will’s validity, it may be necessary to call the witnesses to the decedent’s signature on the will.
If there is no objection to the admission of the will, the probate court approves the petition, appoints the executor, orders to pay the taxes and creditors. After all the decedent’s property is accounted for and debts and taxes are paid, the assets are distributed in accordance to will’s terms and conditions.
Most people would like to avoid a probate because of the delay, expenses and hectic work involved in it. Tough it is essential to write a will, it is not an ideal solution for avoiding a probate. To make is easier for their beneficiaries, it is a good idea to visit a probate attorney and do a little estate planning or probate planning. There are many ways through which you can avoid a probate; all of which are excellent methods, depending on your situation. A consultation with your probate attorney or estate planner can make clear for you to select an ideal way.
Since the laws are state specific, which means that the probate laws are different in each state if a good idea to select an attorney who is a local resident of that state and has enough experience in probate laws.
Probate is the prescribed way for a title of a property to be transferred from a decedent to his beneficiaries or heirs. It is confusing, expensive, and a time consuming process. It is supposed to resolve all the disputes, recover all the bills which were to be paid by the decedent and collects all the applicable taxes. Most of what happens during a probate is actually accounting. In a majority of cases, there are neither conflict nor contesting parties. So there is no need for a court proceeding. However, it is impossible to avoid a probate, unless the estate hand over is planned properly.
Some states insist on probate; whether, you have a will or not. When an asset enters probate, there is always a fair chance that the assets may be distributed in a way in which you did not intend it to be. Hence, it is advisable to write a will. A valid will gives you an account of how you want to distribute your assets among your successors. It determines who get what from your property.
In general, after the death of a person, the person named in the will as the decedent's ‘Personal Representative’ or ‘Executor’ goes to an experienced probate attorney. Then the attorney prepares a court petition and takes it to a probate court. With the help of the petition and will, he files for the probate proceedings.
Then the lawyer has to notify all the people who would be legally entitled to receive a share of decedent’s assets. The court gives them a chance to file a formal objection to will’s consideration in the probate. In the hearing, which is typically scheduled several weeks after filing the petition, the will is contested. If the objection is accepted, the will is not considered. The matter is then treated as though there was no will. To prove the will’s validity, it may be necessary to call the witnesses to the decedent’s signature on the will.
If there is no objection to the admission of the will, the probate court approves the petition, appoints the executor, orders to pay the taxes and creditors. After all the decedent’s property is accounted for and debts and taxes are paid, the assets are distributed in accordance to will’s terms and conditions.
Most people would like to avoid a probate because of the delay, expenses and hectic work involved in it. Tough it is essential to write a will, it is not an ideal solution for avoiding a probate. To make is easier for their beneficiaries, it is a good idea to visit a probate attorney and do a little estate planning or probate planning. There are many ways through which you can avoid a probate; all of which are excellent methods, depending on your situation. A consultation with your probate attorney or estate planner can make clear for you to select an ideal way.
Since the laws are state specific, which means that the probate laws are different in each state if a good idea to select an attorney who is a local resident of that state and has enough experience in probate laws.