In the case that an executor was not
named in a will or a will was never named than a court hearing will
often name a relative to be the executor in order to get through the
probate process as simply as possible. This person is not random but
often the closest living relative or the person who received the most in
the will should there be one that was written.
There are several different phases
within probate. First, the executor or named administrator is required
to prove the validity of the will to a probate court before anything can
begin. Next the step is for the executor to provide statements of the
deceased debts and assets as well as the list of beneficiaries in the
will. From here the creditors will be notified of this death and they
will then have only 6months to collect any debts that are owed to them,
should there be any.
If money is owed it must be
collected from the estate, not from the beneficiaries who inherit it.
What this means is that the beneficiaries will not be able to inherit
their money until the creditors receive what is owed to them. Whatever
is left of the estate will then be distributed to the beneficiaries.
There are cases where probate court
is not necessary to take care of a person's will. If a person has very
few possessions and money to distribute the court is not necessary and
the beneficiaries distribute the will without the law to guide them.
Also, if anything is jointly owned, for example a husband and wife, the
other person will get everything by default.
When people write their wills they
almost never consider the act of probate and often do not even really
understand how probate works. Probate should be part of your research
and understanding before you begin writing your will and/or your estate.
This is a very confusing stage in life that should be understood as
best as possible for everyone. Probate can be a very pain staking cycle
for your loved ones left behind and when planning your estate your
lawyer can help you do what you can to avoid probate court for your
executor.
Article Source: http://EzineArticles.com/2147442
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