How Do You Avoid Probate If There Is A Will

How Do You Avoid Probate If There Is A Will 

Probate is a process by which a decedent’s estate is resolved and handled. This process involves settling all claims against the estate (debts, liens, etc.) and distributing the decedent’s assets in accordance with her or his wishes and the laws of the state.

Much of the advice available on probate today falls into two categories. One category gives advice on writing a sound will to guide your assets through probate; the other advocates using a variety of methods to allow as much of your property as possible to avoid probate entirely.

Though nobody disputes the importance of having a valid will, people may question whether the extra effort involved in avoiding probate is worth it. Why avoid it in the first place? Will it really have an impact on your loved ones after your death?

Avoiding Probate to Save Time

Probate is often a very lengthy, exhausting process. Even though most cases are run smoothly, the sheer amount of paperwork, legal technicalities, and boring clerical work involved can take months – or years. Critics of the process point out that it is routine, that little new information is discovered, that few changes are brought about, and that the whole thing is arguably without much practical purpose.

Things are made even worse if conflicts do arise during probate. In extreme cases, these disputes have been known to drag on for year after year, draining the resources of both the estate and the people fighting over it.

Avoiding Probate to Save Money

Though your executor may choose to waive his or her fee, attorney’s fees are more than enough to worry about. Even with a “normal-sized” estate, the cost of hiring a lawyer for probate – a definite necessity – can run up the bill quite a bit. In addition to paying for an attorney, your estate may also have to fork over cash for appraisers, consultants, and a host of unforeseeable expenses.

Avoiding the process entirely is most likely an unrealistic expectation. At some point, you will require the advice of a good lawyer to ensure that your estate planning is valid, solid, and efficient.

If you’re in need of immediate probate services, please contact https://connecticutprobate.com/ today for a free estate consultation

Do You Need To Do Probate If There Is A Will

Do You Need Probate If There Is A Will? 

Will is a legally binding file that can help a person write what he/she desires in terms of property and wealth. His wishes are carried out according to what he has written in that file which is legal and law abiding. One who does not follow the will that is legal is liable to punishment by the court of law. People always think of making wills, and some also think as to why they should make a will in the first place.

Approaching a will law firm can solve various issues regarding wills. Making a will is the best way to guarantee fully the way you want to distribute your property when you die. While making a will, you can appoint executors so that they execute your will after you pass away. Although it is easy and very much necessary, more than 50% of the people die without making a will.

Wills and probate solicitors can help to execute the Wills, and that is how the Wills of the deceased are carried out in a legal manner. Besides, the solicitor will also help those who want to make a Will to check several taxes like the inheritance tax (which is a big tax) that can be reduced if followed with a plan that is made according to the guidance of the solicitor. Will law firms have been drafting various Wills that have helped the deceased as well as the heirs. There are chances that you will want to challenge a Will, which you think is rightfully yours, which is known as contentious probate.

The attorney at a Will law firm can help and guide you in matters such as these as they are serious and need to be addressed in a lawful manner. Most importantly, if you need to change the Will at any moment of time, you can easily do it with the help of the solicitor as it has to be legal even while making small changes. Every person needs to understand probate and Wills from family law solicitors.

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Assets Subject To Probate Law 

The Executor of an estate obtains a Grant of Probate when the individual that he represents dies. The Grant gives the Executor the right to distribute the deceased person’s property to the heirs and beneficiaries mentioned in the will. The distribution will be according to state law if there is no will.

Interestingly, some things are probate items while others are not. Here are probate assets. If you’re unsure about probate law, consider hiring an expert that understands the topic.

  • Assets in the Deceased Person’s Name

People often buy assets in their name only including real estate property, bonds, and shares.

Others have a bank or building society account in their name. Selling or transferring these assets when the owner of these assets or accounts dies is impossible without a Grant of Probate.

  • Life Insurance Policies

These covers have considerable payouts to the beneficiaries mentioned in them. A Grant of Probate is unnecessary if the deceased person listed who these beneficiaries were. However, this Grant is necessary if the individual who passed away did so without mentioning a beneficiary of his policies.

  • Assets Held Abroad

Usually, a Grant of Probate is critical when it comes to claiming assets left abroad by a deceased person. Seeking legal advice in such cases is an excellent idea because you will be dealing with two sets of laws. You also have to contend with two tax regimes.

  • Investment Products

Many people invest their money in various institutions throughout their lives. These institutions require copies of a Grant of Probate before they pay out any cash to the Estate of a deceased investor. Consequently, investment products are probate assets as well.

Conclusion

Now you know what assets are subject to probate. Another one is business interests. For example, what would happen if the deceased person owned a family business? Dealing with this interest legally without securing a Grant of Probate is impossible. Do you want to know more about probate? Then click on this link https://www.legalzoom.com/articles/what-is-probate.