Tag Archives: understanding probate law

26Jan/18

Understanding Florida Probate Law

Probate law is a section of the law that deals with the legal processes of handling the debts and assets of a person after they die. This process includes the administration of an estate. A person does not necessarily have to be rich to be considered as having an estate. Many people have estates that include property that they own such as a home without a mortgage as well as stocks and other bank accounts.

Probate law varies from state to state, so it’s a good idea to know what the laws are for your own state.

The process of probate can be a long and drawn out one which is why many people will do what they can when planning an estate to avoid this process. People may instead decide to create a trust versus deal with probate.

It includes proving that a will is valid. It also includes having the distribution of assets handled with the oversight of the executor or administrator of the will. Taxes have to be paid out of the process and so do any debts that the decedent died with so this can take a large sum of money away from the heirs of the will.

what is probate law

The legal process starts when a person dies and the family files a probate petition with the court. A family law attorney can help with this step. The death certificate must be obtained and submitted with the probate petition before the case can begin. The process can be held up if any family member or anyone contests the validity of the will.

This is why the process may also be started about 90 days after the person dies. Attorneys are paid out of the proceeds or assets of the case. Probate is sometimes required and is not an option so always consult with your family attorney to find out what the laws are regarding probate law in your area.…

26Jan/18

Protecting Your Assets with an Estate Plan

probate law

Do you have assets that you would like to pass on to specific heirs? Consider setting up an estate plan to protect your assets and avoid probate.

When someone passes away it is necessary for the remaining estate to enter into probate court. Probate law is somewhat different from any other type of law in that it is overseen directly by the court to ensure that all debts and assets are appropriately managed. Depending on the size of the estate left behind, this can be a rather complicated matter that can take many months or even longer to resolve.

This is done to ensure that all of those that may be entitled to funds from the estate receive them. Those that have money owed to them are first paid before any assets can be distributed to those that have been named in the will. In an ideal situation, the will would clearly name all those that are owed so that the process can run smoothly once it reaches court. In some cases, however, a probate lawyer may need to spend a great deal of time sifting through the records of the deceased in order to determine the steps that need to be taken.

Once all debts have been accounted for and paid, the remaining assets can be distributed as stated in the will. If there was not a will left, then the court will work to find the natural heirs of the deceased. If the individual was married, then that individual is typically deemed the heir, unless there was a prenuptial agreement that stated otherwise. If there was not a spouse, but there are surviving children, then they would be given the assets, divided equally among them.

While it is not often the case, at times there may be disputes among those that claim to be entitled to the assets. This can lead to the process taking a great deal more time as the court will have to mediate such situations in accordance with the state’s probate law.…