Probate is the legal process that verifies the will and ensures that the deceased party’s intentions are carried out. Probate also occurs when a person dies without a will. During the process, the deceased’s assets are distributed among loved ones or beneficiaries.
During the estate planning process, a lot of people believe that they should avoid probate at all costs. While it can be beneficial, in some cases, to avoid the process, it isn’t a black and white subject. In fact, a lot of myths commonly associated with probate give it the reputation that it has.
Appointing an Executor Takes Months
To appoint an executor does not have to take a lot of time. In fact, if everyone can come to an agreement, there can be an executor appointed within a week or two. Once the executor is appointed, then he or she can start to pay off debts and start to make the distributions. The executor has a major role to play, but it does not take long to appoint one.
Assets Can’t Be Distributed During Probate
Many people believe that they have to wait until the estate is closed to start distributing or receiving assets. This isn’t the case. Most of the time, an advance distribution is encouraged. The courts will want to settle an estate as quickly as possible. Judges are not going to try to interfere with the time it takes to settle. Before an executor makes decisions, however, he or she needs to make sure that there is enough cash in the estate to pay any debts and to pay off any expenses.
Probate Can Take Years
You have probably heard stories of people being tied up in probate. What does it mean? Most people assume that it means that they can be stuck in probate for years. This isn’t the case. If you hear of horror stories that take years, this isn’t common. These are complex cases that don’t represent the normal estate. Instead, most of the time probate takes about six months or at most, a year.
When it comes to probate, there are benefits to having a will and going through probate. In fact, even those who have trusts may still have a will. It isn’t abnormal for a person to use more than one estate planning tool. To find out more about what will happen during probate, consult with an estate planning lawyer, like from Yee Law Group, today.