Unveiling the mystery of probate what is is and what you should know
No one enjoys death but it is a fact of life that everyone’s time will eventually come. So what normally happens to those family and friends around the deceased when this time comes? There is typically a probate period where assets from the recently dead are dispersed between those who were included in the will. Full administration probate is the most commonly used option for this situation. This article will give you an inside look at the good, the bad, and the ugly of this subject.
There are times where no will exists because it was never written out or has somehow been misplaced. After a death, there is usually someone appointed as the personal representative which will help make sure that the estate is handled correctly. There are always rules and regulations that this rep must abide by when handling this delicate matter. What normally happens first is creditors are notified of the death. Creditors have 3 months to respond and file a claim which will be pulled from the estate worth. Once all debts have been taken care of, the heirs or relatives of the deceased will be able to divide the left over assets between each other.
With probate come many cons. It can be expensive and consume some of the assets of the estate with attorney, court, and representative fees. All of this is taken before any relatives even seen a penny. Not only that but the process is very time consuming and can be dragged out for several years! All financial debts must be taken care of and that can take a lot of time depending on different factors like if the dead had many debts to begin with.
There are certain things that can pass outside the scope of probate. For example, property called Homestead is exempt. The only problem is if you have joint ownership with someone other than a spouse, there is the possibility of the other party’s creditors holding up the assets. The good news is that anything that the person who has died has given while they were alive isn’t included in probate. Just keep in mind that probate administration falls short of being the best choice when it comes to handling assets after a death. There are cheaper ways to handle this but just be aware of the procedure before doing so. Probate at the very least requires an attorney to consult with. To learn what the best options are to protect you , your family and your estate, it is wise to contact a probate lawyer that specializes in these types of affairs. It would save you money, hardship, time and pain in the long run.