6 Things to consider about the Probate Process
The Probate is a process that requires authenticating the will of the deceased person through the involvement of the local court so that his estate and assets could be distributed to the rightful owners after paying all the debts and tax from the estate.
There are many things to consider about the Wills and Probate process as it helps the beneficiaries receive the assets to secure their future.
That’s why we have come up with a list of 6 things to consider about the probate process to help you understand more about the process as a testate or a beneficiary.
The process requires a will to be executed under the specific laws and the property to be distributed under the estate’s probate codes. However, in case of absence of a will, the decedent becomes ‘intestate’ and the court takes over the responsibility to distribute the property to the rightful owners as per the laws.
2. Payment of Taxes and Debts
The process includes paying all the taxes, debts and final bills from the decedent’s estate. However, the laws might vary from country to country.
3. Absence of a Will
In case of absence of a will, the process becomes quite lengthy as the court assigns the estate related matters to a legal representative that distributes the property after careful assessment of the rightful owners and the creditors of the property.
4. Validating the Last Will
The legal representative notifies the known creditors to make any claims in a specific time period in case of the absence of the will. It helps in validating the last will or final wishes of the deceased person so that the remaining property after paying all the debts and taxes could be transferred to the rightful owners.
5. Filing a Petition
The process requires filing a petition by the beneficiaries and asking to assign a personal representative in case of a will. Having a will simplifies the probate process and helps the spouse and the children to secure their future immediately after the passing away of their loved one.
If there is no will created by the decedent, then the court becomes eligible to contest the will and pass it to the closest relatives after carefully assessing the matter under the determined laws of the country. Therefore, having a will eases the probate process and distributes the property to the intended beneficiaries.