What You Should Know About Probate Law And The Probate Process
After passing away, many estates must go through the probate process, a formal system for verifying and distributing the estate of a deceased person. Probate law gets complicated, and the laws vary greatly from state to state. A probate law office can help facilitate the process for you. Learn more about probate law and the steps of an estate going through probate.
What estates go through probate?
In some places, probate assets owned solely by the deceased go through probate. Values may vary from state to state. If an estate goes into probate, relatives can't take ownership of the inherited property until the completion of the probate.
Assets laid out clearly in a life insurance policy or assets owned by a living person do not require probate.
Probate Process
The probate process begins with the assumed executor of the estate sending in a formal petition to the court to be named the executor. Once the court establishes an executor, The executor has the authority to record all assets and debts to the court. The executor has a legal obligation to work in the best interest of all beneficiaries listed in the will, not just themselves.
Once approved, the court will approve the will and the executor's findings. The executor will then pay off all debts and distribute the assets among the beneficiaries as stated in the will.
After completion of the probate, beneficiaries have the right to sell or keep the inheritance.
Unfortunately, probates don't always run smoothly. If an argument occurs, a probate lawyer can mediate the process.
Expenses Associated With Probate Process
The probate process comes with its own share of expenses that will be deducted from the estate. Legal fees and processing fees make up a small portion of the expenses. The real cost involves maintaining the estate until the finalization of the probate process. For example, the executor will need to pay for landscaping and plumbing maintenance at any real estate under probate. Many families prefer to finalize the probate quickly to sell the house instead of letting the asset drain the estate.
Getting Probate Law Services
Probate lawyers can mediate family disagreements regarding a will much more quickly than taking it to court. Furthermore, lawyers can move things along quickly without the emotional weight of sorting through family treasures and grieving at the same time. Quick completion means more money in the estate at the end of the day.
