What You Need To Know About Real Estate Law
Most of the time, real estate law covers a vast and complex concepts that it is advisable to hire a lawyer to help you out. In addition, it is also quiet normal that one country has different real estate law from another. One of the most common inquires in real estate law are the process of probate and wills.
What is a Probate?
A probate is a legal process which happens when someone dies. Typically, the this includes:
To prove in court that the deceased person's will is valid.
Identifying, as well as, creating an inventory of the deceased person's property.
When the deceased person's property needs to be appraised.
Payment of debts and taxes.
Distributing the remainder of properties according to the will.
It is usual that the probate process will require plenty of paperwork and even court appearances. The process will be overseen by a probate court. When a person who died has left a will, it is the task of the probate court to prove the legitimacy of the will and when it will take legal effect. Finally, if ever the deceased has not left a will, the probate court will appoint a legal personal representative who will be tasked distribute the deceased property's that is according to the Descent and Distribution law. By following this law, the court will be able to properly distribute assets according to hereditary succession. Get more info here!
How Does Probate and Wills Work?
After you die, your will's executor - or if you do not have a will, the court will assign a person on your behalf - must file papers at the local probate court. The executor must prove the validity of your will and present the court with the list of your property and debts, as well as, who will inherit anything that you have left. It is also during this process when relatives and creditors are legally notified of your death.
During the probate process which usually takes a year, your executor must find, secure, and manage the assets that you have left behind. Depending on what is stated on your will or the amount of your debt, it is the job of your executor to determine if your property will be sold or not.
As a general rule, a will does not have any effect until it is submitted and approved by the court. If you feel that your assets are complicated, large, and may cause future problems to your loved ones, it is best to hire a lawyer to help you out. This will help ensure that everything and anything that you have left behind will go to the right person. Find out more here!