Once you die, you have no control over what happens in the world of the living. Or do you? In the modern world, the system of law ensures for the deceased to have ways of controlling his or her asset even after death. Specifically, the probate process can help you, if you prepare early on.
New 2024 Cannabis Edibles Investor Pitch Deck Template
What to Know About a Probate
1. Once you die, you have no control over what happens in the world of the
living. Or do you? In the modern world, the system of law ensures for the
deceased to have ways of controlling his or her asset even after death.
Specifically, the probate process can help you, if you prepare early on.
First of all, what is a probate? It is the way in which your estate is
administered and processed through the legal system once you die. The
most important thing to know is that it is not a matter of choosing
between a probate and a will. This is because frequently, a probate is
necessary with or without the presence of a will. However, having a
proper will can make the process smoother and it is the best way to
ensure that your wishes are upheld. A valid will is there to determine how
and to whom your estate is transferred. A will can also specify your
personal representative, who will be in charge of your estate upon your
death, saving your beneficiaries precious time.
2. However, if there is no valid will, the state's laws will kick in and
determine who gets what parts of your estate. The court can also
determine who your personal representative will be, because there
is no one specified by you. Most frequently, a family member is
chosen, such as your spouse or an adult child.
So how does the process work? The appointed personal
representative files a "Petition for Probate of Will and Appointment
of Personal Representative" to the probate court. Once the court
acknowledges the validity of your will, ittakes steps to ensure that
debts you owe are paid. For example, it could order the
representative to put a notice in the local newspaper, so that
creditors or anyone else who might think that they have an interest
in your estate can make contact. The court will also make an
inventory of your property to ensure that any outstanding debts are
covered before assets are distributed to beneficiaries. Once your
debts have been cleared, the court transfers assets to your
beneficiaries.
3. There are straight-forward parts of the process, but
also complications that could occur. Most commonly,
the issue of what's probated where can cause
confusion, as laws differ state by state. Another
complicating factor is that probate is not applied to all
of your estate.
It is best to consult a law office in your areaabout local
laws as well as what is counted as probate property to
determine what can be covered in your will. To get
more information, visit www.whorleylaw.com/family a
probate attorney in Temple.