Probate is the term for a legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person's will or the estate of a deceased person without a will.
Guide to probate
Probate is the entire process of administering a dead person's estate. This involves organising their money, assets and possessions and distributing them as inheritance – after paying any taxes and debts. If the deceased has left a Will, it will name someone that they've chosen to administer their estate.
When someone dies, you (as an executor or administrator of the estate) are not required by law to file probate documents. However, what happens if no probate is filed for the estate is you will not be able to legally transfer title of any assets that exist in the decedent's name.
The role of the probate court is to make sure that a deceased person's debts are paid and assets are allocated to the correct beneficiaries. The term probate is used to describe the legal process that manages the assets and liabilities left behind by a recently deceased person.
Authenticating the Last Will and Testament
If the decedent left a will, the probate judge will confirm it is valid. This may involve a court hearing, and notice of the hearing must be given to all the beneficiaries listed in the will as well as the heirs—those who would inherit by law if no will existed.
Probate if there is a Will
They can also choose who should benefit from their Estate after their death – these are their Beneficiaries. Therefore if there is a Will, it's the Executors who must apply to the Probate Registry for a Grant of Probate. On average this takes between three and six months to be issued.
The two main reasons to avoid probate are the time and money it can take to complete. ... The court already takes a portion of the value of the estate to cover probate fees, but if a probate attorney also gets involved, you are looking at even more expenses, which only further cut into the heirs' inheritance.
If you don't probate a will within four years after someone passes away, that will usually become invalid. You lose your opportunity to have the will probated, which can lead to really harsh consequences. ... It would have skyrocketed the legal fees, and tied up the assets for years in the probate system.
How can you avoid probate?
Here are kinds of assets that don't need to go through probate:
Also some banks and building societies will release money needed to pay for a funeral, probate fees and inheritance tax but nothing else until you have been granted probate or letters of administration. ... They do not have to release anything, however small the amount of money.
Most of the deceased person's property has to go through probate. ... Additionally if it's a financial asset that names a beneficiary, such as with the bank account or a brokerage account, those assets do not go through probate either.
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