Why Is Probate Necessary?
The probate process is designed to ensure that a person’s assets and estate are distributed and transferred in accordance to their will upon death, and that the will is valid.
There are several issues that are dealt with through probate, which include:
- Ensuring that a person’s last will and testament is dealt with fairly and in accordance with his or her wishes
- To appoint an executor in the absence of a will, and to oversee the disbursement of assets through the executor
- To deal with distribution of assets through the appointment of an official estate administrator in the absence of both a will and an executor
The probate court will also deal with any issues relating the contest or invalidity of the will prior to distributing any assets. All taxes and debts that were owed by the decedent are taken from the estate that is left, and probate will also deal with these issues.
Probate ensures that all of the items listed in the decedent’s will are legally transferred to the rightful beneficiary in accordance with the decedent’s wishes. However, not all assets will have to go through probate, although this will depend upon the laws of the state in which the will is being dealt with. Assets that already have a contractual successor or beneficiary such as joint bank accounts and properties that are in joint names will not be included. Most states also allow assets to a certain value to be excluded from probate, although the sum will differ from state to state. Probate is not necessary if there are no significant assets in the decedent’s name.
Probate enables any debts that were left by the decedent to be dealt with through the estate, and all balances will be settled prior to the disbursement of assets. The probate process usually entails setting a date for any creditors to file claims. The date given is normally six months after notification of the probate process, by which time any creditors that are owed money should lodge their claims.
Probate normally takes around seven months, but can take a lot longer depending on various factors. This includes factors such as locating the beneficiaries of the decedent’s will, and whether or not anyone contests the will.
Even trying to locate the will can contribute to the time taken for the probate process.
In short, the probate process is designed to transfer titled assets to the desired beneficiaries, ensure that outstanding taxes and debts are paid, and determine whether the last will and testament of the deceased is valid.
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