You could have asked if the effort to prevent a probate procedure is a good idea. Probate is controlled by the State’s laws and comes within the competence of the State’s probate court in which the deceased lived on his death. Together with the property situated in the place of residence, personal property is probated and supervised by the court. Certain non-probate assets, particularly property jointly owned through survival rights, pass outside a will.
This happens if a married couple had a shared bank account and one of them passed away. In this case, the surviving spouse has full rights to the bank account, and it will not go through probate. Accounts and benefits that pass on to the beneficiaries without the will are also non-probate assets. Since probate is a tricky process, it’s best to look for a probate litigation attorney near me instead of going after it without any legal assistance.
The following are some of the main disadvantages of the probate process:
Privacy: One should be aware that probate is a public process. Once the will is probated, the recipient details, any possible demands from creditors, and all information about the assets are made available publicly.
In probate processes, time is also an essential element. The procedure may take from 7 months to three years according to the intricacy of the estate and disagreement relating to the will. For example, suppose there are heirs and beneficiaries of the will awaiting the distribution of the estate. In that case, the probate will delay the distribution process.
In certain situations, even the surviving spouse may not be able to claim the deceased’s assets. Some jurisdictions require that a recipient who asks for an early asset distribution first post a bond.
The probate process may be expensive. The costs of prosecutors, accounting, filing fees, assessment and corporate appraisal, bond fees, and other fees are added to the probate. In the event of litigation, these costs will dramatically increase.
Suppose the deceased has property in another state, or the property is registered as personal property and is titled outside of the home state of the decree, the property will go through auxiliary probate. The auxiliary probate is a procedure identical to the home state but in a different form. If you are going through a similar situation, you should hire the probate lawyer virginia Beach.
The probate procedure is primarily clerical, requiring a variety of forms and keeping track of critical dates. In certain states, the probate lawyer will hold regular courts, while the proceeding is fully concluded by mail in others.
How to avoid Probate through a Living Trust?
All wills have to through the probate procedure. In reality, avoiding the probate procedure is one of the main reasons people go for a living trust. At the time of your death, your successor trustee will transfer the assets to legal beneficiaries. Since a living trust doesn’t go through probate, the assets are distributed to the heirs considerably faster – generally within weeks.Tags: Business Dispute Lawyer, Will Planning