Every year, millions of dollars are spent on astronomical court and legal costs associated with the probate procedure when a loved one dies. Avoiding probate in estate planning facilitates the transfer of the deceased's property to the designated person at the planned period without involving major costs. The Probate Process's History
Probate is the process of
confirming the legitimacy of the will, ruling out any legal challenges, and
adjudicating any claims made against the estate while under the supervision of
the court. Probate normally occurs at the appropriate court in the state and
county where the deceased had a permanent residence at the time of death.
In the absence of a valid
will a scenario known as intestacy, the title to the property falls to
"heirs at law," who normally divide the remaining assets equally
among the children and the surviving spouse. Whether or whether there is a
will, the property must go through the probate procedure through the cost of grant of probate.
Even if a person leaves a
will, a court frequently needs to give others an opportunity to contest it. The
validity of the will may be questioned, creditors may challenge it, and the
decedent's mental capacity at the time the will was written may be questioned. These
cost of
probate services expenses, which demand both time and money, will be
covered by your heirs. The assets are frequently frozen until the courts handle
the probate process, which can take up to a year or two.
Eliminating or
streamlining the probate process