Getting through the Challenges of the Probate Process
Families who have gone through the process of a probate know how challenging it can be. Apart from the certain inconveniences, problems may arise among family members especially when there is a conflict regarding a disputed asset. However, probates can be helpful to the family. Through Probate Law, the legal system can help process everything and guide the family on how to properly and legally distribute the assets of the decedent. Should the family choose to proceed with a probate, it is important that they prepare the required documents and plan together on how to settle the assets.
Sometimes going through the process of a probate can seem so stressful and worrying that people sometimes try to look for ways on how to avoid it and trying to seek settlement through other means. However, if you know what you are doing and have done the right preparations, there isn’t much to worry about when it comes to going through a probate. After all, you won’t be going through the probate alone. You can hire a probate lawyer who will shoulder the things that need to be done such as handling the paper work and even guiding the family to make the best possible decision.
It is important to note that there are certain assets that do not need to go through a probate to be passed on to beneficiaries. Examples of those assets are the following:
- Agreements both buy and sell
- The decedent’s pension plans
- The decedent’s life insurance
Those are just a few examples of assets that can bypass the process of the probate. You might also want to check the Probate Law in your area or state as there are variations in laws wherein some assets and properties may not go through a probate in order to be processed towards the person’s beneficiaries. It is also important to note that “small” assets or estates can bypass the process of a probate as long as they are valued below a certain amount which may vary between different states.
Take note that before you can go through a probate you will have to prepare the needed requirements at probate court. If you do not know what to prepare, do some research on the requirements in your area as this can also vary between states. Or you can also seek the help of a probate lawyer and ask him to help you prepare the requirements needed like gathering the asset documents and noting down their values.
If by Probate Law, your assets cannot bypass the system and have to go through the probate process, you may consider setting up a trust. This is ideal for assets like investment accounts, houses, sole possessions, cash, etc. Trusts are very helpful for people who want to pass on their property to their beneficiaries without letting them go through the tedious process of a probate. Trusts are common among wealthy people who own a lot of assets and don’t want to have to put up with a probate.