Issues to do with a deceased estate or debt often spark debate that becomes complicated at times to argue alone, especially where a large number of beneficiaries are involved. As such, there are established legal processes that have, over time, helped solve arising conflicts in association with a deceased person’s property or debt. People are used to the Will left by the deceased, but it might not be enough in some instances. The next of kin will need to consider probate before the transfer of the deceased assets. Probate specialists could help with the entire process.
In most cases, probate is applied for when the deceased never left a will. Therefore a probate court is left with an obligation to determine who gets what or receives which assets. This process is usually complicated as it may require several procedures before a decision is reached. The deceased next of kin and other beneficiaries will have to undergo DNA tests to ascertain their relationship with the departed person.
Probate involves complicated paper works and other processes that one needs to consider an expert’s help to pull through easily. Experienced probate specialists have dealt with different issues concerning inheritance and could help ease the process’s burden. In most cases, probate cases involve five stages.
Here is where all the deceased assets and liabilities are determined, and the Will and other relating documents are verified. Additionally, the identity of the next of kin is also confirmed.
Here, the applicant must pay taxes and file returns with the relevant authorities before an application is made to the probate registry. A Grant of Representation will then be issued to confirm the legal right of executing the Estate.
This is where all the liabilities and other expenses linked to the probate get settled.
After all the relevant payments have been made covering the expenses incurred during the process, accounts get prepared to ascertain the balance’s shareable amount. The executor, as per the Will, is then obligated to approve the accounts for further processing.
This is where all the remaining assets get transferred to the beneficiary and the estate fund distributed.
Is Probate Relevant in a Small Estate Situation?
There is no need for probate in this case. For instance, where the deceased had a joint bank account with someone, what is needed to transfer the funds to the surviving co-owner is the death certificate.
Probate for Sale of House
One might ask if they need probate to sell off a house. This is essential to consider where the house in question is solely registered under the deceased’s names. A person will require probate to transfer the asset to him or her before selling. However, where there was co-ownership of the house, the person is at liberty to sell but has to produce the deceased person’s death certificate, where probate will be required to sell a house held as tenants in common.