Important Information about Estate Probate Process
So long as one is alive they have a constitutional right to own property in their name. Likewise, they are free to distribute, exchange or sell off their share of property as they please. Upon death, a person loses their right to own any property. Instead, such property can be passed to the deceased beneficiaries, or next of kin. However, before any property is passed to any beneficiary, a court property to oversee this process must be initiated. When the court process commences, this is referred to as estate probate while the property in question are called probate assets. 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. See Probate Estate Collin County
It is worth noting that the nature of some assets provides for them to be distributed through an out of court process. Such assets are referred to as none probate 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 importance of the estate probate exercise is to ensure that all interested parties to the assets of the deceased are involved in the process. A person’s estate must first settle all his or her debts before being distributed to the deceased 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. View Texas Probate
Due to the complexity of applying for probate, it is advisable for the beneficiaries to hire a reputable probate practitioner. A probate practitioner may also come in handy if there is need to locate missing property or missing beneficiaries. If the Will is challenged, the probate process may also be delayed. Phase one of probate application is completing relevant paperwork. When returning the application form, the applicant will be expected to attach specified documents. This include, the original Will, two copies of the said Will and the death certificate. The probate office will then set a date where the applicant appears in person and swear an oath. The probate offices requires the oath as an assurance that all the documents presented to them are authentic. The oath is normally administered at the commissioner for oaths office. Lastly, the applicant will be issued with a grant.
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