The probate process is sometimes a requirement following the death of a loved one. Some have the misconception that probate is a timely and expensive process, fortunately, in most situations, probate can be completed efficiently. There are a number of benefits to the probate process which can be helpful when a loved one passes away.
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Probate ensures that a will is valid. In order for this to occur the will must be signed by two adult witnesses. Any additions made to the will must also be signed.
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In some situations, a handwritten will is considered acceptable but in order to ascertain validity the will should be typed.
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Any beneficiaries outlined in the will or other family members who were not, will be able to challenge the will in probate.
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An identified estate executor can begin the process of going through the assets named in the will and settling any debts that may need to be paid.
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In the absence of a will, the courts will name an executor to manage the estate and disburse assets.
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Once all debts to a creditor have been settled and tax requirements have been sorted out, any assets left can be given to beneficiaries.
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It can be challenging to negotiate assets with families when a loved one has passed away. Probate can provide order to sorting out any disputes over assets.
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Probate can be helpful in putting together paperwork required to settle any debts or disputes smoothly.
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The courts can provide a structured forum to manage any issues or questions that need to be raised. A judge may resolve the issue or request that family members resolve the conflict through by process of mediation.
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Probate can help to sort out assets and ensure that beneficiaries receive their inheritance as quickly as possible.
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A divorce attorney can help to sort out more contentious familial situations such as divorce. They will be able to help separate assets, which can sometimes be challenging.
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When determining which assets a divorced couple should receive, a judge will go over the claims of both parties and determine who would benefit the most from each asset.
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Because probate identifies an estate executor, it gives a creditor a point of contact. Settling debts can be much more challenging for a creditor when they do not know who to contact.
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In some cases, an estate executor is an estate planning attorney. Estate executors can disburse assets and close any outstanding accounts in conjunction with the probate process.
Probate can help resolve the estate swiftly and efficiently when it comes to absolving debts, determining the paperwork for income taxes and settling any disputes against the estate. Contact a probate lawyer Sacramento CA relies on for more information.
Thanks to our friends and contributors from Yee Law Group for their insight into planning your estate.