Even if the death of a close relative was not a surprise, but rather something that was long expected, when it finally happens, we are still shocked. Unfortunately, soon after the death of the person you’ve known for so many years, you’ll have to deal with the tons of paperwork. The probate process may take a long time, and you might feel lost in the ensuing chaos.
Not all assets require probate, though it may be confusing whether you need to go through this sometimes lengthy process. In a second, you’ll learn what probate is and how you should proceed, depending on the type of assets of the deceased.
What is probate?
Probate is a legal process during which a court ensures that the assets of the deceased person are properly managed. This way, the property is transferred to all the parties according to the will. Depending on where you live, probate may be necessary even if there’s no will of the deceased person. Usually, if the estate is worth more than a specified amount, then the probate process is unskippable, so check your local laws.
How long would it take?
The unfortunate reality is that there is a lot of paperwork involved, with different institutions responsible for each part, which, according to the experts at ProbateAdvance, means that the probate process could take up to two years. Depending on your current financial situation, you could decide to contact a company that funds inheritance advances. It means that you would get part of the money almost instantly while giving up the rights to all the assets once the probate process finishes. You won’t get the entire sum, but you’ll be able to keep up with the bills in a matter of just a few days.
Okay, so what are the assets that require probate?
Assets Held in the Deceased’s Sole Name
If the deceased person solely owns any kind of property, probate is going to be a requirement if it is to be sold or transferred to someone else. Examples of such property include bank accounts and shares and bonds if they are valuable enough according to the local laws.
There are likely various assets found on the list of the investments of the deceased. It means that if the funds are to be collected from the investment company, a probate would be necessary.
Life Insurance Policies
If the deceased mentioned a person in their will who should receive funds because of the life insurance of the deceased, probate wouldn’t be needed. If it happens so that there is no one mentioned who should benefit from this life insurance, then it won’t be possible to proceed without probate.
If the deceased held any foreign assets, the amount of paperwork required is going to be significant. In order to properly interpret the law of both countries, you’ll need to hire someone well-versed with the rules of law in both of those countries.
If the deceased was the founder of the company or an important figure, a probate would be needed to deal with the property of the company. Business assets include equipment, inventory, but also buildings.
There are also assets that don’t require probate. Among those are:
Assets with joint tenancy rights of survivorship.
It could be vehicles, real estate, or accounts held jointly. If one of the owners dies, there is no need for probate, and the process is much quicker.
Tenancy by the entirety
If the owners of the property are married, they both mutually own the entirety of the real estate. In the event of the death of one person, the spouse becomes the sole owner of the property. In some regions the contract is enough, sometimes though, both persons must be married, so it’s better to check your local laws.
And so it goes
Though you might still think about the frailty of human life, you’ll have to deal with all the documents so that the issue of the assets of the deceased will be dealt with. The process itself could prove to be quite lengthy, which is why it is best to start dealing with all the paperwork as soon as possible.
Not all the assets require the probate process to be transferred to the concerned parties. Unfortunately, the legalese can be, at times, confusing. Though it may be costly, it’s best to contact experts that will make the process much easier to go through.
If you desperately need money now, and waiting months or even years for the probate process to finish is out of the question, you could contact a company funding inheritance advances, and receive the money almost instantaneously, in exchange for the part of the entire sum.