Important Information about Estate Probate Process
So long as one is alive they have a constitutional right to own property in their name. In the same breath, the law also allows a property owner to sell or gift their property as they wish. Unknown to many, upon death, property owners lose their right to hold or own any property. Instead, such property can be passed to the deceased beneficiaries, or next of kin. there is an elaborate court process that guides the transfer of a deceased assets. When the court process commences, this is referred to as estate probate while the property in question are called probate assets. All assets of a deceased person are probate assets whether the deceased died testate or intestate. Although the Will guides the court on how to distribute the deceased property, it does not alter court processes.
It is worth noting that the nature of some assets provides for them to be distributed through an out of court process. Assets that are exempted from probate are known as out of court assets. This assets have a contract that passes them to a specific beneficiary upon the death of the deceased. A good example is property that is in a Trust Fund, life insurance benefits, retirement benefits and IRA benefits. Another category of none probate assets is joint property that have a clause of right of survivorship. When one of the parties passes on, the property is automatically passed to the surviving party. The estate probate process is in place to protect the interest of some beneficiaries who may be disinherited or creditors to the deceased. The beneficiaries are not allowed to distribute the deceased property before the creditors have been paid their dues. If any of the beneficiaries feels disgruntled by the Will that has been left behind, they are allowed in law to challenge the Will.
Due to the complexity of applying for probate, it is advisable for the beneficiaries to hire a reputable probate practitioner. Apart from completing the probate process the probate practitioner may be given additional duties to locate missing beneficiaries as well as to locate missing property. Incase the Will in question is contested, the beneficiaries should anticipate delays in executing the estate probate. The probate application involves filing out official probate application forms. Step two is to is preparing the necessary documents. This documents are the original Will, copies of the Will and the death certificate. The said documents are the death certificate, original Will and necessary copies. The probate office will then set a date where the applicant appears in person and swear an oath. The probate office usually require the applicant to take an oath to the fact that they have presented authentic documents. The oath is normally administered at the commissioner for oaths office. If the application is approved, the applicant is issued a grant.