What happens during Probate?
When a person passes leaving a Will behind expressing their wishes for division of their assets and property it must be submitted to court for their supervision and authentication, this process is known a Probate. Typically, in the Will their will be a section appointing an executor or the person that the deceased wishes to undertake the responsibility of probating their Will. This person will be responsible for gathering all the information on the estate, submitting the Will for Probate, notifying beneficiaries and heirs, paying of any remaining deaths and taxes owed by the estate and finally distributing the remainder to the rightful beneficiaries.
Things That Take Time
Here we are mentioning some of the things which take the time in the process of probate.
Gathering of Documents and Information
This is the first step that you need to take prior to Probate is gathering of documents and information. In order to file for probate your will first need an original of the death certificate and an original Will. It is very important to remember that if you wish to make a copy of the Will for your records as the one you will submit to court will stay with the court, under no circumstance do you remove any staples as this might disqualify the Will from being considered an original. You will need to gather all information on assets such as bank account information, real estate and closest surviving relatives as well as information on any outstanding debts and taxes. Your probate attorney will need all of this information to best assist you when filing for Probate.
Division of The Estate
After you have got the grant of representation, you can start by paying of any remaining debts and paying of any outstanding taxes followed by division of assets to the beneficiaries as stated in the Will.
Why does Probate take so long?
HWhen it comes to Probate there are a lot of variables why it might take as long as it does. Above we have discussed that it might take time to gather all the necessary information as well as documentation. It may also take some time for you to interview Probate lawyers in order to find one that you are comfortable with. Now assuming all of this is done you have gathered all the information, documents and settled on a Probate attorney there is always the possibility of a disgruntled family member coming forward and contesting the Will. If the Will is contested doesn’t mean it will be overturned. It is very difficult to contest a Will and win but none the less this would take up time and prolong the probate process. There is also the courts they may be backed up due to an overwhelming amount of probate submissions.
Conclusion
Probate can be complex, and a lot of information and documentation is needed to begin the process. It can take up lots of time and be costly. When you enter into Probate the Will becomes public record and close family members or potential beneficiaries are put on notice and can cause issues in the way of contesting the Will. Overall it is a good idea to consult with an experienced estate planning attorney when planning and try to set up a plan that avoids probate, for example besides a Will setting up a Trust and transferring assets into the trust during your lifetime. Proper planning can not only safe you time and money but can also allow your loved ones to grief without the stress of running around gathering documents and information and going to court. Call us today to speak with an estate planning attorney and learning more about probate and ways to potentially avoid probate.
