If you are the executor of an estate, it is important that you understand probate law. This process can be complicated, and there are a lot of things that you may not know about it. In this blog post, we will discuss five probate facts that you may not have known. By understanding these facts, you can make the probate process easier on yourself and those who are grieving the loss of a loved one.
Fact # one: probate is the legal process of distributing a deceased person’s assets
This includes property, money, and other possessions. The probate court will appoint an executor to oversee the distribution of the assets. The executor will be responsible for ensuring that all debts are paid and that the assets are distributed according to the wishes of the deceased.
Fact # two: probate can be expensive
The executor of an estate is responsible for paying all debts, including taxes and probate fees. Probate fees can vary depending on the value of the estate, but they are typically a percentage of the total value.
Fact # three: probate can take a long time
The probate process can take months, or even years, to complete. This is because the executor must locate and notify all of the deceased’s creditors, as well as any beneficiaries named in the will. Once all debts have been paid and all assets have been distributed, the probate process is complete.
Fact # four: probate is public
The probate process is a matter of public record. This means that anyone can request copies of the probate documents, including the will.
Fact # five: you can avoid probate
There are certain ways to structure your assets so that they do not have to go through probate. For example, you can create a trust or transfer ownership of your assets to a beneficiary. You should speak with an attorney to determine the best way to structure your assets.
By understanding these five probate facts, you can make the probate process easier on yourself and those who are grieving the death of a loved one. For more information, there are plenty of probate solicitors to contact.