The executor must take inventory of the assets, manage them, and decide whether to sell or keep the deceased person’s items depending on the debt they have accrued. This process takes anywhere from a few months to a year.
In most states, there is a certain amount of property that can pass free of probate. Also, if there is a living trust in place or joint tenancy, it is not necessary to pursue the probate process. Typically, probate does not benefit the beneficiaries because the money is being taken out of the assets they would originally have pocketed and into the hands of lawyers to sort out the probate process. Another factor into probate is that if you do not have much property, you will typically be able to qualify for a simplified probate procedure and avoid the complicated probate-avoidance plan. If you are young and planning ahead, if you take the probate-avoidance approach, you might need to update your plan as life goes on which could be time consuming.
Release Time: 2020-03-20 08:59:13
Probate is a long and potentially grueling process, so it is recommended that when put in this situation, it is most effect to contact a lawyer for assistance. Nothing is worth arguing with your loved one over and creating uneasy feelings. It is essential to create a estate plan as early as you can in order to ease some stress off family member before getting to the probate process.