Wills that must be probated are called Probate Wills. If a person does not have a trust in place to protect inheritance assets, the Will must be submitted to probate court to validate it and to receive instructions on how to distribute estate assets. The distribution of inheritance assets is not possible until the estates and Wills are settled in accordance with probate law.
Estate settlements can take several months to complete when decedents do not have a probate will. The state may have laws that do not reflect the wishes of the deceased. It is important that everyone over 18 executes a Will to establish beneficiaries who will receive assets at death.
Estate administrators settle probated estates. The person appointed is usually the spouse or relative of the deceased. In some states, estate administrators must be approved by the court and receive approval for every aspect of estate management. Some states let executors manage estates without the involvement of a court. Consult a probate lawyer to ensure that the management of probate estates follows state protocol.
Executors of estates have a variety of duties, including securing inheritances, obtaining appraisals for property, paying off outstanding debts and filing a final return.
In the event that debts are greater than estate assets, an estate administrator will need to engage a probate attorney to negotiate with creditors. In certain cases, the court may require that Administrators sell assets in order to pay debt obligations.
The estate is responsible for paying medical and funeral costs in addition to any outstanding debts. The estate of a decedent who owned real estate that was secured by a mortgage must cover all costs associated with it, including the loan payments, taxes and insurance, homeowner's associations dues and any maintenance. A judge can order that the property be sold if the estate cannot maintain the property.
Despite not being required to pay for estate-related costs, heirs will often pay mortgage payments to avoid foreclosure. To relieve financial burdens, heirs can sell the property during the probate procedure if they do not wish to keep it. In most states, selling real estate requires court approval.
Guardianship for minors can also be established using a probate will. Marriages often fail to name guardians for their children, which can be a grave mistake. Minor children may become state wards if both parents pass away. This is until a suitable living arrangement can be made. If the child's relatives wish to take care of them, they must undergo an investigation by the Department of Children and Families. This can take up to several months<!--td {border: 1px solid #cccccc;}br {mso-data-placement:same-cell;}-->wills and estate lawyers brisbane.
You can disinherit your direct lineage descendants by using a probate will. Include a clause explaining why heirs have been excluded from the Will. According to law, inheritance is only given to direct descendants unless they are disinherited.
Everyone has the right to have their final say when it comes to death. Probate laws require that property be distributed according to the law. Estates may also be held up in court for several months or even years.