Probate wills refer to wills that must undergo the probate process. Unless a person establishes a trust to protect the property of the estate, his will must be filed with the probate court for probate and distribution directions for estate assets. Inherited assets cannot be distributed until the decedent’s assets are settled in accordance with probate law and will directives.
When the deceased die without testamentary wills, the liquidation of the estate can last for several months. Inherited property is distributed according to state probate laws and may not be the way the decedent intended. Therefore, it is crucial that everyone over the age of 18 make a final will and establish beneficiaries to receive property at death.
Probate successions are resolved by a probate administrator. This person is designated in the last will and is usually the surviving spouse or relative of the deceased. Some states require estate administrators to undergo court confirmation and obtain approval for all aspects of estate management. Other states allow executors to administer the estate without court interference. It is best to consult with a probate lawyer to ensure that the management of probate wills adheres to state protocol.
Estate executors are responsible for a myriad of duties, including: securing estate property, obtaining property appraisals, paying off outstanding debts, filing a final tax return, and distributing estate gifts to beneficiaries. designated.
If the outstanding debts outweigh the financial assets of the estate, the estate administrator may need to retain a probate attorney to negotiate with creditors. In some cases, the court will require the Servicers to sell assets to meet debt obligations.
In addition to outstanding debts, the deceased’s heirs are responsible for medical and funeral expenses. If the decedent owned real estate secured by a mortgage note, the estate must pay all expenses associated with the property, including loan payments, property insurance and taxes, homeowners association debt, and any upkeep required. If the estate is financially unable to maintain the real property, a judge can order the property to be sold.
Although heirs are not required to pay estate-related expenses, they will sometimes pay mortgage payments to avoid foreclosure. If the heirs do not want to keep the property, they can sell it during the probate process to remove financial burdens. Most states require court authorization to sell real estate.
Probate wills are also used to establish guardianship of minor children. Married couples often forget to add guardians, but this can be a tragic mistake. If both parents die, minor children may remain a ward of the state until proper living arrangements are made. If family members want to care for the children, they will need to undergo an investigation by the Department of Children and Families, which can take several months to complete.
People can use probate wills to disinherit direct lineage heirs. It is important to include a disinheritance clause that explains why the heirs are excluded from the will. By law, ownership of the estate is vested in direct lineage heirs unless the heirs are intentionally disinherited.
Probate wills give everyone the opportunity to have the last word on death. Without one, probate laws dictate that the distribution of property and assets can be suspended in the court system for months or years.
Executing a legal last will and testament is the best gift someone can leave their loved ones. Dying without a will (intestate) prolongs the liquidation of the estate and can potentially bankrupt the estate, leaving nothing for the heirs.