Understanding The Probate Process And How It Can Benefit You
Many people do not understand the probate process or even what it is. People often want to avoid it if they can, but the truth is, the probate process will help you ensure your assets are distributed as you would like them to be and can keep disputes from happening. Here are some things that may help you understand probate and how it can benefit you.
Probate in a Nut Shell
Probate is the process used to distribute the assets you leave behind to those that you want to have them. The execution of your will is part of the probate process, and while people often think of it as the state deciding where the assets go, it is the opposite of that in most cases.
Proving the Validity of the Will
The probate process starts with proving the validity of the will in court. Some laws dictate the process, but if you follow these laws, the will can be validated quickly, and the process can continue.
Inventory and Identification
The next step is for the property to undergo a complete inventory to determine what is there and the value of it. The court will order this and block any sale or transfer of the property until the probate process is complete. If there is something assigned to a specific person in the will, they will have to wait until after the probate process is finalized to take possession of the item.
Paying of Debt
The court will order any debts that the deceased had paid off, and selling some assets may be necessary. High-value items like property can be liquidated under an order of the court to pay these debts. The court does not randomly liquidate the estate. In contrast, the job of the court is to make sure your assets are distributed in the way you want them to be.
Execution of the Will
The final step is the execution of the will and the distribution of assets according to the decedent's wishes. If the will does not specify a recipient for properties or other items, the court will distribute those items according to the state law. That does not mean you can't request an item. You have to petition the court for it if the property or item is not in the will. The probate process allows for this, and often if you request something that is reasonable, the court will work with you to try and fulfill your request.
This process allows individuals to challenge the will if they feel they need to and makes the distribution of assets easier for everyone involved.
For more information, contact a local estate lawyer or visit sites like https://ivylawgroup.com.