Important Facts about Estate Probate
Whilst a person is still living, they have a legal right to own property in their name. In addition, while they are alive, they are free to distribute or dispose their property as they wish. Unknown to many, upon death, property owners lose their right to hold or own any property. Nonetheless, the law provides that such property can be passed to the deceased beneficiary. there is an elaborate court process that guides the transfer of a deceased assets. The property transfer process is termed legally as the estate probate while the property in question are referred to as probate property. The term probate assets refers to property left behind by a deceased person regardless of whether they had a valid Will or not. Although the Will guides the court on how to distribute the deceased property, it does not alter court processes.
With an exception of a few of the deceased assets all assets must go through a court process before they are distributed. Assets that are exempted from probate are known as out of court assets. In most cases, the out of court assets are contractual properties. A good example is property that is in a Trust Fund, life insurance benefits, retirement benefits and IRA benefits. Similarly, a property held jointly also qualifies as a none probate asset if it has a clause of right of survivorship. Such property are passed to the surviving party to the contract. The court process ensures that all interested parties are aware and involved were necessary in the distribution of property process. For instance, the first priority to the probate assets is given to any valid creditors and the balance can then go to the beneficiaries. If any of the beneficiaries feels disgruntled by the Will that has been left behind, they are allowed in law to challenge the Will.
The application for probate is a lengthy and complex process that should be handled by a professional such as the probate practitioner. A probate practitioner may also come in handy if there is need to locate missing property or missing beneficiaries. In the event that the Will in question is disputed, the parties involved should brace themselves for delays in completing the probate application process. Phase one of probate application is completing relevant paperwork. Step two is to is preparing the necessary documents. This documents are the original Will, copies of the Will and the death certificate. The said documents are the death certificate, original Will and necessary copies. The probate registry further expects the applicant to appear in person to swear an oath. The probate office usually require the applicant to take an oath to the fact that they have presented authentic documents. Like any other oath, the probate oath is administered by the commissioner of oaths. Thereafter the applicant will be issued a grant.