Wills & Probate
The court-mandated administration of an estate is known as probate. Many people do not understand the probate procedure, yet it can have a serious impact on individuals who stand to inherit an inheritance when a loved one passes away. If your estate is not properly planned, your dependents and spouse, as well as other family members, may face financial hardship after your passing. Not every estate must go through the probate procedure. For instance, living trusts might be set up to prevent this procedure. Understanding what you need to do in terms of estate planning requires that you have knowledge of probate and how it may affect your remaining estate.
When is a probate required?
Those whose estates have a fair market value of more than $100,000 typically need to go through the probate process. Property being passed to a spouse, trusts, life insurance, and retirement accounts with beneficiaries—defined as those under contractual benefits—are excluded from the estate value for probate. Whether or not someone made a will has no bearing on probates.
How long do court cases involving probate normally last?
This question doesn't have a simple solution. The complexity of your estate will determine how long probate will take. In the best-case scenario, probate typically takes at least six months to complete. This is due to the fact that there are necessary notices that must be issued, court hearings that must take place, and representatives that must be chosen. In addition, creditors are given by statute a minimum of four months to present their claims
What assets are subject to the probate process?
Whether or not a piece of property is subject to probate depends on its title, its type and value, and whether or not there is a surviving spouse. Probate can only be used to distribute assets for which a person had title at the time of their death. Some people decide to set up a living trust to hold their assets in. They then transfer the trust, which is not subject to probate, the title to their property. The ideal method to manage your estate to prevent expensive and time-consuming probate proceedings can be advised by a competent attorney who is experienced and knowledgeable.
Do heirs receive money from the estate before the probate process is over?
Beneficiaries may get a regular allowance prior to the conclusion of the probate process even if they must wait until that time in order to receive the full and legal title to their inheritance. In many circumstances, the remaining family members require money from the estate to pay for both their ongoing costs and those related to the death of their loved one. An attorney can help in requesting the court's approval for payments for spouses and dependents before the probate process is finished.
We can help you with your will and probate process . Contact the Noe Gonzalez Law Group online or by phone at (956) 505-0141.
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