Probate is the official legal process that reviews the will and assets of a deceased individual to determine the distribution of their estate. This process is overseen by a probate court, which ensures the assets are protected and distributed according to the will, if one exists and is validated. Should disputes arise, such as a contested will, the probate court also resolves these issues.
Navigating probate can be complex, and it’s advisable to seek a probate lawyer who can assist with filing necessary court documents, collecting funds from life insurance, and addressing any tax concerns. Typically, the probate process can take up to six months, but having a valid will can expedite the proceedings. Alternatively, setting up a living trust or designating a direct beneficiary can bypass probate entirely.
In terms of real estate, properties can be sold during probate to cover associated costs and debts. It’s crucial to collaborate with a real estate agent experienced in probate sales to ensure the process runs smoothly. After the property is sold, any remaining funds after expenses are distributed among the beneficiaries as directed by the court.