The Steps of the Probate Process

Not all properties undergo the probate process after the owner’s death. This category of properties include joint bank accounts that carry the tag of right of survivorship, bank accounts with named beneficiaries or those that are payable upon death to a particular person. These properties are passed on contractually.

Other properties that are specifically designed to evade probate are those held in living trusts. Proof through legal documents has to be provided by the executor of the estate. Living trusts are set up in one’s lifetime for various reasons. These may include regulation of asset use in case of owner’s incapacitation, ensuring financial security, tax reduction and for savings.

Stages of Probate Process

The probate process has several stages. The deceased’s property is recorded in an inventory and rounded up. He/she takes care of taxes and debts. These may include taxes payable as estate tax. This may be done at the federal or state level. Property remaining after this is then distributed as per the will or according to the intestacy laws of that particular state.

Challenges

The probate administration may attract a few legal challenges from different quarters. These may include challenge as concerns the will validity, challenge with respect to the executors’ status, identity of the heirs may also be a contentious issue. The manner in which the will or intestacy laws were executed may also present a challenge especially if the beneficiaries are not satisfied. Paternity of the heirs may also be a challenge though there are cases where non biological heirs prevailed over biological heirs. The paternity issue might however prove to be a very easy nut to crack with DNA technology widely available.

The executor must understand the importance of carrying out his or her fiduciary duties to the letter and as interpreted by the law. These may include simple instructions such as ensuring money is banked in an interest accruing account and specifically using the interest accrued for its stated purpose. Failure to disregard any duty on his or her part may result in his or her removal by interested parties through petitions filed in court.

For more information: The Law Offices of Adrian Philip Thomas P. A. can provide more information about real estate litigation. Business office serving in Florida and Fort Lauderdale.