Probate
The judicial process that takes place in the court in order to prove the legality of a will is known as probate. This process confirms the validity of the will as the last testament of the demised. In the absence of a legalized and valid will, the estate of the deceased is settled in accordance with the intestacy laws in the state where the real property resided at the time of the deceased individual’s death.
A few scenarios when the probate becomes necessary are: when the death of one of the tenants in common occurs, when there aren’t any beneficiaries appointed, when the death of the beneficiaries occurs before the decedent, when the testament or last will is invalid. While an invalid will is likely to necessitate the probate process, sometimes when the aforementioned scenarios are true, so is a valid one.
Joint tenancy allows an individual to own assets while they share some of the ownership rights of their estate with a tenant in common. Once the death of one of the tenants in common occurs, the specified share of assets of the deceased person has to be probated.
If the demised person owns a payable on death or other related accounts, such as health savings or medical account, annuity, life insurance policy, retirement account, IRA or 401(k) and the assigned beneficiaries pass before the decedent, a probate is necessary. When a person doesn’t have a legalized will that explicitly states what to do with their estate, a probate once again becomes necessary.
One of the best ways to avoid probate is to learn all about it and hire an estate planning lawyer that can guide you through the process! Read these articles on probate to gain extensive knowledge about it and find solutions to your legal problems.
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